August 16, 2024
First Rock Real Estate Investments Limited(FIRSTROCKJMD)
Unaudited financials for the six months ended June 30, 2024:
First Rock Real Estate Investments Limited (FIRSTROCKJMD) for the six months ended June 30, 2024, reported a 36% decrease in Property Income totaling US$1.87 million compared to US$2.92 million in the corresponding period last year. Property Income for the second quarter had an 88% decrease to close at US$240,853 compared to US$1.97 million for the comparable quarter of 2023.
Rental income amounted to US$57,485 (2023: US$170,107), a decrease of 66% year over year. Consequently, realized and unrealized gain/(Loss) on investment properties decreased by 80% to US$559,533 compared to US$2.75 million for the six months ended June 30, 2023. The company booked realized and unrealized Losses on investment properties of US$199,572 for the second quarter versus US$1.88 million reported for a similar quarter of 2023.
Interest Income from financial assets at amortized cost decreased by 24% to close at US$176,003 (2023: US$233,008), while Interest expense increased by 10% from US$368,010 in 2023 to US$405,502 in the period under review. As a result, net operating income for the six months ended June 30, 2024, amounted to US$1.72 million, a 37% decrease relative to US$2.74 million reported in 2023.
Total Expenses for the six months ended June 30, 2024, amounted to U$3.10 million, a 47% increase relative to US$2.11 million reported in 2023. Total Expenses for the second quarter amounted to US$691,084 (2023: US$1.11 million). Net Loss before Taxation totaled US$1.38 million, a 118% decrease from last year’s period. (2023: US$630,625).
Taxation for the six months ended June 30, 2024, amounted to US$4,051, a 46% increase relative to US$2,781 reported in 2023. Taxation for the second quarter amounted to US$4,051 (2023: US$1,271). Net Loss after Taxation from continuing operations for the six months ended June 30, 2024, decreased 224% to reach US$779,105 (2023: net profit of US$627,844). Loss attributable to company owners for the six months amounted to US$779,105, a 224% decrease from the Profit of US$627,844 reported in 2023. For the second quarter, Loss attributable to company owners was U$S618,647 (2023: profit of US$422,869).
Consequently, Loss Per Share for the six months amounted to US$0.003 (2023: EPS: US$0.002), while Loss Per Share for the quarter totaled US$0.002 (2023: EPS: US$0.002). The twelve-month trailing LPS was US$0.02, and the number of shares used in these calculations was 38,253,000.
Notably, FIRSTROCKJMD’s stock price closed the trading period on August 15, 2024, at a price of US$8.62.
Balance Sheet Highlights
The company’s assets totaled US$57.18 million (2023: US$62.66 million). The decrease in the company’s total asset base is attributable to a 69% YoY decline in “Investments at amortized cost, net of provision for credit losses,” ending the quarter at US$1.53 million (US$4.85 million), a 49% YoY decrease in “Investments at fair value through profit or loss” ending the quarter at US$2.37 million(2023: US$4.66 million), and a 38% YoY decline in “Investment Property” ending the quarter at US$14.30 million (2023: US$23.23 million).
Shareholder’s equity was US$34.08 million (2023: US$36.77 million), representing a book value per share of US$0.14 (2023: US$0.15).
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