Stanley Motta 58 Half Way Tree building.
Rental revenues rose 105 percent for the quarter to $109 million from $53 million and climbed 118 percent for the 6-months to $205 million from $94 million in 2018, resulting from increased rental space in May of 2018 at real estate holding company Stanley Motta.
Profit soared 302 percent in the quarter ending June to $46 million, up from $12 million in 2018.
For the six months to June, profit grew a stunning 418 percent over the $22 million earned for the same period in 2018 to hit $115 million. The sharp increase in income is due from added rental space let from the completion of the newly constructed building, the larger tenanted unit that was handed over to the new tenant in May last year.
Operating margin before finance cost in the first half of the year, climbed 48 percent, from 50 percent in the year 2018, and by 55 percent in the quarter from 41 percent in 2018. Operating profit rose by 176 percent in the quarter to $59 million from $21 million in the 2018 quarter and increased 198 percent from $47 million to $139 million for the half-year.
Administrative expenses rose 56 percent to $49 million in the quarter and by 38 percent in the six-month period to $65 million, due to a foreign exchange loss of $19 million on the revaluation of the long-term loan and the cost of producing the 2018 annual report. Finance cost increased to $13 million from $10 million in the 2018 quarter and declined from $24 million to $22 million for the six-month period.
The Company ended June with shareholders’ equity of $3.9 billion, current assets of $62 million, current liabilities of $173 million. Cash funds ended at $47 million paying an interim dividend of $93 million. Amounts owing to creditors amounted to $114 million and long-term borrowings stood at $708 million. Real estate held amounted to $4.7 billion in value.
Earnings per share came out at 6 cents for the quarter and 15 cents for the six months. IC Insider.com is forecasting 30 cents per share for the full year from operations but gains in the value of the property will most add to reported profit by the end of the year. was paid in the year to date. The stocks that are listed on the Jamaica Stock Exchange closed at $6 on Thursday.
