Property holding company posts decreased profit
West Hamilton Holdings Limited, the BSX-listed Bermuda property holding company, has reported net income of $948,364 (2021: $1,023,449) for the six-month period ending March 31.
In a letter to shareholders filed with the BSX that set out the company’s unaudited financial results for the period, J Michael Collier, the company president, said total revenue was $1,529,573 representing a decrease of $90,560 in comparison to 2021.
Rental income for the first half of 2022 decreased marginally as a result of lower occupancy level in the Belvedere Building.
The company said the parking garage continues to enjoy full occupancy levels with more than 75 potential customers on a waiting list for available parking spaces.
Operating income for the period increased by 7.3 per cent compared to 2021.
Operating expenses increased by 9.4 per cent due to higher maintenance costs.
Interest expense decreased by more than 50 per cent due to significant lower borrowing rates negotiated during the period.
Earnings per share were $0.32 for the period as compared to $0.35 per share in 2021.
The company reported total shareholders’ equity as at March 31 of $40.85 million (September 2021: $39.9 million) an increase of 2.4 per cent.
Current assets, which include cash and other assets that could readily be converted into cash, totalled $3,598,169 as at March 31 compared with $2,555,972 as at September 30 2021.
The company generated free cashflow during the period of $1,586,496; the accumulated cash reserves will be used to fund future dividend payments and potential further development of the company’s assets.
Total assets amounted to $51.53 million compared with $50.39 million at the end of fiscal 2021, an increase of 2.3 per cent.
Book value per share at March 31 was $14.04 (September 2021: $13.72). This represents an increase of $0.32 per share or 2.3 per cent, the company said.