Progress for 138 Student Living

Student living housing provider, 138 Student Living reported progress in their half year results to March, with net profits of $27M, which represented an over 200 percent improvement compared to the previous year.
For the quarter to March, 138 reports profit of $15.8 million compared to a loss of $9.6 million for the same period in 2016.
Revenues rose to $147 million for the quarter up from $77 million in 2016 and $262 million for the six months versus $124 in 2016.
“Although our net results showed a significant improvement over the corresponding period last year, we have to take note of the fact that an additional 576 rooms (864 beds) were brought into operations on a phased basis during the year which accounted for the increased Revenue. However, as a result of being less than 100% occupied in the additional four blocks, our net profit was less than optimum,” John Lee Chairman of the company reported.
Lee went on to state,“ with the introduction of the four additional blocks, we, as expected, experienced an increase in operational expenses such as staffing and utilities in addition to financing costs.’
Earnings per share came out at 4 cents for the quarter and 6 cents for the half year.

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