Barbados-based Eppley Caribbean Property Fund Limited is now profiting from its regional investments with a 17 per cent jump in net rental income of BD$1.10 million during its first quarter, which ended on December 31, 2021.

This is coming from the BD$936,220, which was posted during the 2020 first quarter. In addition, Eppley Caribbean Property Fund’s pre-tax profit for the December quarter closed at BD$1.11 million (2020: BD$966,523), whereas net profit amounted to $1.09 million (2020: BD$966,523), after a taxation expense of BD$21,534 (2020: nil).

Profit attributable to Cellular property fund shareholders for the three months amounted to BD$1.09 million compared to BD$966,523 booked prior corresponding period. Commenting on the positive performance, the fund’s management reports that Eppley is off to a strong start in the new financial year building on the momentum from record profitability last year.

According to the management, ”As we progress through 2022, we expect to see continued improvements in performance as the global economy opens up and continues its path to gradual recovery. Last year, we significantly enhanced the quality of our portfolio through strategic acquisitions across Jamaica and Trinidad & Tobago. The Fund is well-positioned to continue to benefit from inflation protection provided by high-quality commercial real estate that generates strong yielding cash flows.”

Slight decline in Eppley’s share of profit from investments

However, Eppley Caribbean Property Fund’s share of profit of investments decreased from BD$417,430 in 2020 to BD$566,122 for the first quarter under review. Interest income amounted to BD$187,600 versus BD$201,860 booked for the corresponding three months last year.

As such, total investment income decreased to a total of BD$1.85 million (2020: BD$1.56 million). Total operating expenses amounted to BD$735,260 (2020: BD$588,987).

Total operating expenses can be broken down as follows:

• Interest expenses totalled BD$323,374 (2020: BD$153,333).
• Fund management fees was BD$187,942 compared to BD$175,935 booked twelve months earlier.
• Professional fees totalled BD$89,154 (2020: BD$76,187).
• Directors and subcommittee fees closed at BD$840 (2020: BD$830).
• Office and administrative fees went down to BD$1,936 (2020: BD$3,257).
• Investment advisor fees totalled BD$187,942 (2020: BD$175,935).

Consequently, total comprehensive loss for the period closed at BD$113,878 compared to income BD$966,831 reported for 2020’s corresponding period. As at December 31, 2021, total assets amounted to BD$125.01 million, eight per cent more than the prior corresponding period’s BD$116.08 million in 2020.

This was attributed to a rise in ‘Investment properties’ which closed the period at BD$72.95 million (2020: BD$63.22 million). Eppley, as at December 31, 2021, booked total shareholders’ funds of BD$98.34 million (2020: BD$95.66 million), which translated into a net asset value per share of BD$0.719 (2020: BD$0.70).