May 14, 2019
Eppley Limited (EPLY) for the three months ended March 31, 2019, reported interest income of $91.83 million a 25% or $18.12 million increase when compared $73.71 million recorded for the corresponding period in 2018.
Interest expenses for the period amounted to $45.30 million, a marginal increase when compared to $45.11 million recorded in the prior year.
Consequently, net interest income for the quarter rose 63% to total $46.53 million up from the $28.61 million recorded in the corresponding period of 2018.
Other operating income for the period declined by 85% to total $2.24 million relative to $15.38 million booked for 2018.
Administrative expenses rose 54% for the quarter to close at $37.47 million up from $24.31 million recoded the previous year’s first quarter.
Eppley recorded a total of $2.39 million for share of net profit from joint venture accounted for using the equity method for the period relative to the $1.01 million recorded for the corresponding period in 2018.
As such, pre-tax profit closed at $9.21 million for the first quarter of 2019, 55% less than the $20.68 million booked in 2018. Taxation of $2.95 (2018: nil) was incurred for the period resulting in a net profit attributable to shareholders of $6.27 million, a 70% decrease from the $20.68 million recorded for the same period in 2018.
Earnings per share for the quarter amounted to $0.03 (2017: $0.11). The trailing twelve months earnings per share amounted to $0.55. The total amount of shares outstanding used for this calculation was 192,468,300 units. Notably, the stock price for EPLY closed the trading period on March 29, 2018 at JMD $ 12.98.
Balance Sheet Highlights:
As at March 31, 2019, total assets amounted to $3.61 billion, relative to the $2.69 million recorded a year ago. The increase in assets was driven primarily by increases in ‘Loans receivables’ by $329.50 million to close at $1.41 billion (2018: $1.08 billion) and ‘IPF Receivables’ by $280.69 million from $231.89 million in 2018 to $512.57 million.
Shareholder’s Equity as at March 31, 2019 totalled $713.33 million (2018: $694.93 million) resulting in a book value per share of approximately $3.71 relative to $3.61 in 2018.
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