Date: February 14, 2019

Operating revenue increased by 9% amounting to $237.09 million in the six months period relative to $216.79 million in the prior year. For the quarter, operating revenue closed at $108.02 million (2017: $ 97.41 million).

Administrative and other expenses amounted to $101.05 million compared to $97.65 million, a 3% increase. As a result, operating profit increased 14% closing the period at $136.03 million (2017: $119.14 million). While for the quarter, operating profit climbed 30% totalling $59.99 million (2017: $46.03 million).

Fair value appreciation on investment property surged 48% to $87.97 million compared to the $59.27 million recorded for the prior year’s corresponding period. For the quarter, fair value appreciation on investment property closed at $43.98 million (2017: $30.87 million).

Consequently, profit before bet finance cost improved 26% to $224 million up from $178.41 million for the comparable period in the prior year. For the quarter, profit before bet finance cost amounted to $103.98 million (2017: $76.90 million).

Finance costs jumped for the six months ended December 2018 to $3.18 million relative to $1.47 million in the previous corresponding year. For the quarter, finance cost closed at $1.60 million (2017: $800,000).

As a result, net profit totalled $220.82 million, a 25% increase relative to the $176.94 million in 2017. For the quarter, net profit closed the period at $102.38 million (2017: $76.10 million)

Gain on leasehold revaluation totalled $8.45 million versus $4.95 million a year ago. As such, total comprehensive income amounted to $229.27 million relative to $181.89 million in 2017.

The earnings per share (ESP) for the six-month period amounted to $0.14 when compared to $0.11 reported for the prior year’s corresponding period. The twelve months trailing earnings per share amounted to $0.21. The number of shares used in this calculation was 1,630,738,044 units. The stock traded at $2.70 as at February 14, 2019.

Balance Sheet Highlights:

The company as at December 31, 2018, recorded total assets of $3.13 billion, an increase of 18% when compared to $2.66 billion recorded last year. This was due to an increase in the company’s ‘Investment Properties’ which moved up to $1.88 billion, $310.91 million more than 2017’s $1.57 billion.

Total Stockholders’ Equity as at December 31, 2018 closed at $2.81 billion, a 14% increase from $2.47 billion for the corresponding period last year. This resulted in a book value of $1.72 compared to the value of $1.51 as at December 31, 2017.

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