Durrant Pate/Contributor

University housing provider 138 Student Living is expecting almost full occupancy in the upcoming 2025-26 academic year, starting in September, along with increased efforts in attracting more short-term business.

For the March 2025 second quarter, 138SL saw average occupancy reaching 97 per cent, an increase from the 93 per cent recorded in 2024, reflecting a return to peak operation. Revenue for the quarter totalled J$384 million, while net profit stood atJ $77 million. 

For the half-year period, revenue closed on J$796 million with net profit of J$159 million. The performance for the period under review is reflective of the ongoing negotiations with the University of the West Indies’ (UWI) Mona campus administration. 

Once these agreements are concluded, 138SL and UWI will both benefit from operating with clarity and a renewed commitment to a successful long-term partnership. Given the strong demand for quality student accommodation, 138SL anticipates that a positive trend will persist as the company continues to deliver profitable results.

Financial highlights

Revenues closed on J$384 million, reflecting a five per cent contraction when compared to J$403 million in 2024. Operating income, consisting mainly of interest income and fees from laundry services, contributed J$39 million for the quarter, compared to J$38 million in the prior year. Profit from operations for the half-year period closed on J$342 million, representing a nine per cent contraction from J$377 million last year. 

According to 138SL management, this performance was impacted by higher administrative expenses, including general insurance, salaries, utilities and internet services, the latter being required to enhance Wi-Fi services for residents, as well as the reduction in revenue mentioned above. 

The half-year period was similarly impacted, with profit from operations also reflecting a nine per cent decline to J$342 million, down from J$377 million in 2024. Profit before taxation for the quarter declined to J$88 million, a 26 per cent contraction from J$119 million recorded in the previous year.

This decline was offset by a reduction in quarterly finance charges of J$11 million. Earnings per stock unit for the March quarter stood at J$0.14, compared to J$0.23 in 2024. Total assets at the end of March amounted to J$10.5 billion, reflecting an increase from $10.4 billion in 2024.

This was primarily driven by an appreciation in the fair value of financial assets. Non-current assets represented approximately 88 per cent (J$9 billion) of total assets, while current assets accounted for 12 per cent. In the prior year, non-current and current assets constituted 84 per cent and 16 per cent, respectively, of total assets. 

Balance sheet performance

Current liabilities stood at J$1.2 billion as at March 31, reflecting an increase of J$200 million (20 per cent) from J$1.0 billion at the end of the 2024 financial year. The change was primarily due to the increase in land lease by UWI and utility accruals.

Shareholders’ equity increased by J$728 million to J$6.3 billion at the end of this year’s second quarter, when compared to the prior year 2024.