Expenses contained with lower repair and maintenance charges

Durrant Pate/Contributor

Real estate outfit Stanley Motta Limited has seen its net profit run flat for the half-year ended June 30, 2022.

The Jamaica-based company returned net profit for the period of J$110.45 million in comparison to the J$110.18 million recorded in 2021. For the June second quarter, net profit went up 24 per cent to J$69.64 million, relative to J$56.13 million booked in 2021.

This translated into operating profit of J$151.77 million for the review period, up from J$133.97 million in 2021, which represents a 13 per cent increase year over year. Operating profit for the June quarter amounted to J$89.34 million, up from J$68.11 million reported for the same quarter in 2021.

Revenues inched up

Total comprehensive income was lowered to J$97.66 million, down from J$158.27 million recorded in 2021 while for the June quarter, total comprehensive income amounted to J$70.80 million, up from the 2021 booking of J$48.94 million.

For the six-month period, revenues inched up three per cent to total J$250.08 million compared to J$243.17 million for the same period in 2021. Revenue for the second quarter amounted to J$129.27 million compared to J$123.72 million booked in 2021.

The management has explained that “these increases are mainly attributable to the depreciation of the Jamaican dollar, which moved from an average of J$150.15 to J$150.15:US$1 as at June 30, 2021 to J$153.09:US$1 at June 30, 2022”. Other operating income closed at J$10.35 million relative to the J$2.04 million that was documented for the six months ended June 30, 2021.

Administrative expenses amounted to J$108.66 million (2021: J$111.24 million). According to the management, “the decreases are mainly related to a reduction in Repair & Maintenance charges incurred for the period ended 30 June 2022″.

Finance costs of J$38.77 million was recorded for the period under review (2021: J$21.80 million). Tax expense year to date amounted to J$2.56 million compared to J$1.99 million incurred for the corresponding period in 2021.

As at June 30, 2022, total assets amounted to J$6.55 billion, up from J$5.84 billion booked twelve months earlier. The increase in total assets was mainly due to the increase in ‘Investment Properties’ which closed at J$6.23 billion (2021: J$5.54 billion) resulting in a 13 per cent increase year over year.

Shareholders’ Equity of J$5.44 billion (2021: J$4.83 billion), which resulted in a book value per share of J$7.18 (2021: J$6.38).