May 15, 2023
Expressed in Barbados Dollars unless otherwise indicated:
Eppley Caribbean Property Fund Limited (CPFV), for the six months ended March 31, 2023 reported total investment income of $8.15 million (2022: $5.81 million). Total investment income for the second quarter amounted to $5.70 million (2022: $3.96 million).
Total operating expenses amounted to $1.85 million (2022: $1.67 million). Total operating expenses for the quarter totalled $1.04 million (2022: $952,666). Interest expense for the period rose 11% to $735,681 compared to $644,422, while professional fees rose 31% to $272,910 (2022: $208,049).
Profit before tax for the six months ended March 31, 2023 closed at $6.30 million (2022: $4.14 million).
Following a tax charge of $93,723 (2022: $112,014), net profit for the period amounted to $6.21 million (2022: $4.03 million). While for the second quarter, net profit closed at $4.58 million relative to $2.92 million recorded in the prior period. CPFV noted, “The improved performance was attributed to the Fund’s strategic management which continues to realise the value of the high-quality commercial real-estate assets within the portfolios.”
Total comprehensive income for the period closed at $7.22 million compared to $1.62 million reported for 2022’s corresponding period.
Earnings per share for the six months ended March 31, 2023 totalled $0.05 compared to EPS of $0.03 for the corresponding period in 2023. The second quarter’s EPS amounted to $0.03 (2022: $0.02). Trailing EPS amounted to $0.09. The total amount of shares outstanding used for this calculation was 136,044,964 units. CPFV last traded at J$36.52 on May 12, 2023 with a corresponding P/E of 5.58x.
Balance Sheet Highlights:
As at March 31, 2023, total assets amounted to $140.26 million, 11% more than prior corresponding period’s $126.82 million in 2023. This was attributed to a rise in ‘Investment properties’ which closed the period at $88.06 million (2022: $73.16 million).
CPFV, as at March 31, 2023, booked total shareholders’ funds of $110.05 million (2022: $100.04 million), which translated into a net asset value per share of $0.92 (2023: $0.74).
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