August 13, 2025
GWEST Corporation Limited(GWEST)
Unaudited financials for the first quarter ended June 30, 2025:
GWEST Corporation Limited (GWEST) for the first quarter ended June 30, 2025 reported a 33% increase in revenue totaling $74.93 million compared to $56.18 million in the corresponding three months last year.
Year to date, Cost of Sales amounted to $50.99 million (2024: $47.50 million), this represents an increase of 7% year over year. Consequently, gross profit increased by 176% to $23.94 million compared to $8.67 million for the first quarter ended June 30, 2024.
Other gains or losses increased by 9% to close at $210,000 (2024: $193,000), while administrative expenses increased by 7% from $19.39 million in 2024 to $20.80 million for the three months. As a result, operating profit for the first quarter amounted to $3.35 million, a 132% increase relative to the operating loss of $10.53 million reported in 2024.
Interest Income for the three months amounted to $8,000, marginal increase relative to $4,000 reported in 2024. Finance Costs totaled $2.96 million, a 42% decrease from the corresponding period last year. (2024: $5.14 million).
Profit before taxation for the three months had a 103% increase to reach $394,000 (2024: loss of $15.66 million). No tax charge was incurred during the period under review (2024: nil).
Net Profit for the three months amounted to $394, 000, a 103% increase from the net loss of $15.66 million reported in 2024.
Consequently, Earnings Per Share for the three months amounted to $0.00 (2024: LPS: $0.03). The twelve-month trailing LPS was $0.04, and the number of shares used in these calculations was 484,848,485. Notably, GWEST’s stock price closed the trading period on August 13, 2025 at a price of $0.85.
Balance Sheet Highlights
The company’s assets totalled $1.62 billion (2024: $1.74 billion). The movement in total assets was mainly attributable to an 8% decrease in the value of investment properties amounting to $668.50 million (2024: $723.68 million) and 16% decrease in ‘right of use assets’ amounting to $281.61 million (2024: $335.90 million). Additionally, ‘property and equipment’ decreased by $27.53 million amounting to $424.51 million (2024: $452.03 million).
Shareholders’ equity was $668.25 million (2024: $687.39 million), representing a book value per share of $1.38 (2024: $1.42).
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