Gary Sinclair chairman of Kingston Properties
Shareholders approved a stock split of 2 for 1, at the Annual General Meeting Kingston Properties on May 16, with the record date being May 24.
The stock split became effective in stock exchange trading on Friday May 19, but no shares were traded but with the split adjusted price being $8.30. The split resulted in the 500,000,000 authorized ordinary shares in the capital of the Company being increased to 1,000,000,000 shares of no par value and the issued capital to just 321,992,668 units, resulting in net asset per share of $5.36.
The Group posted a 63% increase in rental income to for the March 2017 quarter over that of 2016 to reach $50 million compared to $30.7 million for the same period in 2016. The increased income boosted operating results before finance charges and other income, to $23.6 million in 2017 compared with $6.4 million in 2016 and $32 million for the year to December 2016.
Profit before taxation ended at $15.3 million but after providing for taxation of $14 million just $1 million was left for shareholders. In 2016 excluding fair value gain on revaluation of properties the company incurred a loss, there were no gains reported in the March quarter of 2016.
Total assets under management amount to $2.6 billion up from $1.86 billion as of March last year. Shareholders’ equity stood at $1.7 billion and borrowings at $737 million and is up from none at March last year.
