West Hamilton Holdings Limited posted a net profit of $6.86 million in the fiscal year ended September 30, the highest reported profit for the company since inception.

The Bermudian-based company said that compares with a loss of $400,000 at year-end in 2020.

In a filing with the Bermuda Stock Exchange, West Hamilton said the increase in market value of the company’s property assets accounted for $4.7 million of the reported profit.

Total revenue for the period was $7.85 million, more than double last year’s figure of $3.13 million.

Operating expenses before interest were $850,000 compared with $3.17 million at year-end in 2020.

During the year, the company said, it generated cash from operations of $2.47 million which was used for a dividend payment, the partial repayment of bank loans and loan interest for the year.

The company invested $100,000 in the maintenance and development of its property assets.

West Hamilton said a dividend will not be paid in 2021 as surplus cash will be retained for further development of the company’s property assets.

The company reported shareholders’ equity at September 30 of $39.9 million, compared with $33.96 million at year-end in 2020.

The increase of 17.5 per cent was attributed mostly to the change in valuation of the company’s property assets because of an improved property market and the receipt of planning approval for a new mixed-use building, it said.

Current assets, which include cash and other assets that could readily be converted into cash, totalled $3 million at September 30, compared with $2.6 million at the end of September 2020.

Book value per share was $13.72 compared with $11.67 at year-end in 2020.

Planning approval to build an eight-storey mixed-use building almost identical to the Belvedere Residences was received last month, the company said.

Michael Collier, chairman of West Hamilton, said: “We are pleased with the company’s record results over the last year which is an indication of the quality of our assets.

“We were delighted to receive planning permission for the construction of a mixed-use building next to the existing Belvedere Residences. Whilst we remain in a global pandemic we look forward with a cautiously optimistic outlook.”