March 1, 2024
First Rock Real Estate Investments Limited (FIRSTROCK) for the year ended December 31, 2023, reported a 92% decrease in property income totalling US$543,052 compared to US$6.71 million in the corresponding period last year. Property loss for the fourth quarter closed at US$3.46 million compared to property income of US$455,933 for the comparable quarter of 2022.
Of the year-end property income, rental income amounted to US$206,341 (2022: US$641,632), representing a 68% decrease year over year. Realised and unrealised gain on investment properties fell by 62% to US$2.38 million compared to US$6.21 million for the year ended December 31, 2022. Loss on disposal of investment property amounted to US$2.04 million (2022: US$140,084).
Investment loss for the year amounted to US$1.23 million (2022: investment income of US$3.22 million), while interest expense increased by 32% from US$589,432 in 2022 to US$779,643 in the period under review. As a result, net investment loss for the year ended December 31, 2023, amounted to US$2.01 million relative to net investment income of US$2.63 million in 2022.
Net operating loss of US$1.38 million was recorded for the year-end 2023 (2022: net operating income of US$9.36 million).
Total expenses for the year ended December 31, 2023, amounted to US$3.63 million, a 30% decrease relative to US$5.18 million reported in 2022. The decline was largely due to a 94% reduction in other operating expenses to US$3.61 million (2022: US$4.98 million).
The company booked an operating loss of US$5.01 million relative to an operating profit of US$4.18 million in the corresponding period last year.
Taxation for the year ended December 31, 2023, amounted to US$4,070, a 97% decrease relative to US$130,494 reported in 2022. Taxation for the fourth quarter amounted to US$7,782 (2022: US$147,085).
Net loss attributable to shareholders for the year amounted to US$3.41 million (2022: profit of US$4.05 million). For the fourth quarter, net loss attributable to shareholders was US$4.37 million (2022: loss of US$1.04 million).
Loss per share (LPS) for the year amounted to US$0.0119 (2022: EPS of US$0.0142), while LPS for the quarter totalled US$0.0153 (2022: LPS: US$0.0036). The number of shares used in these calculations was 286,025,318.
Notably, FIRSTROCK’s stock price closed the trading period on March 1, 2024, at a price of US$0.045/J$9.02.
Balance Sheet Highlights:
The company’s assets totalled US$60.20 million (2022: US$60.00 million); a slight increase year over year due to a 195% increase in investment property held for sale tempered by a 50% decline in investment property.
Shareholder’s equity was US$34.69 million (2022: US$36.04 million), representing a book value per share of US$0.12 (2022: US$0.13).
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