CPFV reports 50% increase in three months net profit

February 16, 2023

Expressed in Barbados Dollars

Eppley Caribbean Property Fund Limited (CPFV), for the three months ended December 31, 2022 reported net rental income of $1.13 million (2021: $1.10 million), a 4% increase year over year. In addition, share of profit of investments accounted for using the equity method decreased from $566,122 in 2021 to $640,878 for the three months ended December 2022.

Interest income amounted to $214,126 versus $187,600 booked for the corresponding three months last year.

As such, total investment income increased to a total of $2.45 million (2021: $1.85 million).

Total operating expenses amounted to $810,857 (2021: $735,260).

Profit before tax for the three months ended December 31, 2022 closed at $1.63 million (2021: $1.11 million), whereas net profit amounted to $1.63 million (2021: $1.09 million), after a taxation expense of $2,043 (2021: $21,534).

Profit attributable to Cellular property fund shareholders for the three months amounted to $1.63 million compared to $1.09 million booked prior corresponding period.

Consequently, total comprehensive income for the period closed at $1.13 million compared to a loss of $113,878 reported for 2021’s corresponding period.

Earnings per share for the three months ended December 31, 2022 totalled $0.012 compared to EPS of $0.0080 for the corresponding period in 2021. The twelve months trailing EPS amounted to $0.07. The total amount of shares outstanding used for this calculation was 136,044,964 units. CPFV closed the trading period at J$47.99 on February 14, 2023 with a corresponding P/E of 8.53 times.

CPFV noted, “The Fund’s performance continues to be underpinned by the high quality of its commercial real estate assets, the efficient management of its operations and the Fund Manager’s ability to execute acquisitions at attractive valuations.”

Balance sheet at a glance:

As at December 31, 2022, total assets amounted to $135.81 million, 9% more than prior corresponding period’s $125.01 million in 2021. This was attributed to a rise in ‘Investment properties’ which closed the period at $82.94 million (2021: $72.95 million).

CPFV, as at December 31, 2022, booked total shareholders’ funds of $104.25 million (2021: $98.34 million), which translated into a net asset value per share of $0.77 (2021: $0.72).


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