May 15, 2024

First Rock Real Estate Investments Limited(FIRSTROCKJMD)

Unaudited financials for the first quarter ended March 31, 2024:

First Rock Real Estate Investments Limited (FIRSTROCKJMD) for the first quarter ended March 31, 2024, reported a 70% increase in property income totalling US$1.63 million compared to US$955,635 in the corresponding three months last year.

Rental income amounted to US$16,204 (2023: US$86,456), this represents a decrease of 81% year over year. Consequently, realized and unrealized gain/(loss) on investment properties decreased by 59% to US$359,961 compared to US$869,179 for the first quarter ended March 31, 2023.

Interest Income from financial assets at amortized cost decreased by 22% to close at US$93,792 (2023: US$120,825), while interest expense increases by 30% from US$176,943 in 2023 to US$230,610 for the three months. The Company also reported Realized and Unrealized Gain/(Loss) on financial instruments of US$254,807 versus US$742 for the prior year’s corresponding quarter. As a result, Net Operating Income for the first quarter amounted to US$1.99 million, a 66% increase relative to US$1.20 million reported in 2023.

Total Expenses for the three months amounted to US$2.41 million, a 141% increase relative to U$997,805 reported in 2023. Operating Loss totalled US$410,457, in contrast to a profit of US$206,485.

Net Loss after Taxation from continuing operations for the three months had a 178% decrease to reach US$160,457 in comparison to the Net Profit US$204,973 for the first quarter of the previous year.

Consequently, Loss Per Share for the three months amounted to US$0.001 (2023: EPS: U$0.001). The twelve-month trailing LPS was US$0.013, and the number of shares used in these calculations was 38,253,000. Notably, FIRSTROCKJMD’s stock price closed the trading period on May 15, 2024, at a price of J$8.62 and US$0.047.

Balance Sheet Highlights

The company’s assets totalled US$57.52 million (2023: US$61.83 million). 

Shareholder’s equity was US$34.40 million (2023: US$36.14 million), representing a book value per share of US$0.120 (2023: US$0.126).

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