May 16, 2024
Expressed in Barbados dollars unless otherwise stated:
Eppley Caribbean Property Fund Limited SCC (CPFV) for the six months ended March 31, 2024, reported a 25% decline in Total Investment Income totaling BDS$6.12 million compared to BDS$8.15 million in the corresponding period last year. Total Investment Income for the second quarter had a 31% decrease to close at BDS$3.94 million compared to BDS$5.70 million for the comparable quarter of 2023.
Interest Income and other income amounted to BDS$349,485 (2023: BDS$380,889), this represents a decrease of 8% year over year. Consequently, fair value losses on investment property decreased by 59% to BDS$1.51 million compared to BDS$3.70 million for the six months ended March 31, 2023.
Interest expenses increased by 40% to close at BDS$1.03 million (2023: BDS$735,681), while Fund management fees increased by 13% from BDS$398,418 in 2023 to BDS$450,555 in the period under review. As a result, operating expenditure for the six months amounted to BDS$2.04 million, an 11% increase relative to BDS$1.85 million reported in 2023.
Profit before tax for the six months amounted to BDS$4.08 million, a 35% decrease relative to BDS$6.30 million reported in 2023. Profit before tax for the second quarter amounted to BDS$2.98 million (2023: BDS$4.67 million).
Taxation totalled BDS$97,986, a 5% increase from the corresponding period last year. (2023: BDS$93,723).
Net profit for the six months amounted to BDS$3.98 million, a 36% decrease from the BDS$6.21 million reported in 2023. For the second quarter, Net profit was BDS$2.93 million (2023: BDS$4.58 million).
Earnings Per Share for the six months amounted to BDS$0.03 (2023: EPS: BDS$0.05), while Earnings Per Share for the quarter totaled BDS$0.02 (2023: EPS: BDS$0.03). The twelve-month trailing EPS was J$8.67 and the number of shares used in these calculations was 135,519,820.
Notably, CPFV’s stock price closed the trading period on May 15, 2024, at a price of J$37.34 with a corresponding P/E ratio of 4.31x.
Balance Sheet Highlights
The company’s assets totalled BDS$162.05 million (2023: BDS$140.26 million). This was mainly attributed to a 14% increase in ‘investment properties’ closing at BDS$100.02 million.
Shareholder’s equity was BDS$119.33 million (2023: BDS$110.05 million), representing a book value per share of BDS$0.88 (2023: BDS$0.81).
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