FIRSTROCK Capital Holdings Group (FIRSTROCK)’s total investment income amounted to US$2.76 million (2019: US$404,679) for the six months ended June 30, 2020. Of this, rental income amounted to US$222,302 (2019: nil), while fair value gains on investments totalled US$1.76 million versus US$2,873 reported in 2019. Interest income closed at US$659,572 (2019: US$119,320) for the period under review, while gain on acquisition of subsidiary totalled US$188,843 (2019: nil). Other income for the six months amounted to US$84,066 (2019: nil). However, a loss of US$157,618 was booked for foreign exchange year to date compared to gain from foreign exchange of US$282,486 ported in 2019. As for the second quarter the Company booked a total investment income of US$1.20 million compared to US$404,679.
Administrative and general expenses closed at US$1.29 million (2019: US$393,747), 227% increase relative to corresponding period in 2019, while depreciation totaled US$8,449 (2019: US$210). Preference dividend amounted to US$113,298 (2019: nil), while Allowance for credit losses closed at US$114,843 for the six months ended June 30, 2020. As a result, FIRSTROCK, as at June 2020, total operating expenses amounted to US$1.52 million (2019: US$393,957). For the quarter total operating expenses closed at US$773,171 (2019: US$393,957).
As such, profit before taxation closed at US$1.23 million (2019: US$10,722). Taxation charges amounted to US$10,193 (2019: US$1,377), thus resulting in net profit of US$1.22 million (2019: US$9,345) for the six months ended June 30, 2020. Profit attributable to shareholders amounted to US$1.25 million (2019: US9,345). Profit attributable to shareholders for the quarter amounted to US$452,702 million (2019: US$9,345). Furthermore, total comprehensive income amounted to US$1.23 million (2019: US$9,346) for the six months ended June 30, 2020 and US$446,611 (2019: $9,346) for the second quarter.
Consequently, earnings per share (EPS) amounted to US$0.0044 (2019: US$00003) for the six months ended June 30, 2020. Earnings per share for the quarter amounted to US$0.0016 (2019: US$0.00003). The number of shares used in this calculation was 286,025,318 shares. FIRSTROCKJMD traded on August 05, 2020 at JMD$13.72 while FIRSTROCKUSD closed at US$0.0795.
FIRSTROCK noted, “During the second quarter, we observed the expansive impact of the Corona virus on various countries, businesses and most importantly people. This pandemic devolves on us as business leaders, to be more cautious, prudent, and proactive to limit its impact on our operations. The First Rock Capital Resource Team continues to conduct impact assessments on the company and its subsidiaries to ensure that the appropriate risk mitigation strategies are being employed.”
Balance Sheet at a Glance:
As at June 30, 2020, total assets closed at US$33.19 million (2019: US$14,514). This increase is due to ‘Investment property’ which amounted to US$16.57 million (2019: nil) and ‘Investment Securities’ which closed at US$8.65 million (2019: US$3.55 million) as at June 30, 2020.
Shareholder’s equity totalled US$28.85 million (2019: US$14.44 million) resulting in a book value of US$0.101 (2019: US$0.050).
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