138 SL hikes student rental rates

 




138 Student Living and its subsidiary for the quarter ended December 31, 22024 reported revenue growth primarily driven by increased rates across all halls and higher other income.
The first quarter’s revenue was $412 million, while net profit stood at $82 million.

Other operating income contributed $37 million for the quarter, compared to $27 million in the prior year, mainly due to higher interest income and increased revenue from laundry services.

Average occupancy for the quarter reached 97 per cent, an increase from 93 per cent in the prior year.
Revenue climbed 9 per cent over $378 million in the corresponding period of the prior year.

Profit from operations for the three months ended December 2024 was $180 million, representing a 4 per cent increase from $173 million in the prior year.

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.

Profit before taxation for the quarter rose to $102 million, a 20 per cent increase from $85.million in the previous year. This $17 million growth was primarily driven by a reduction in loan balances, leading to lower interest expenses.

Earnings per stock unit for the three-month period stood at $0.15, compared to $0.15 in the corresponding period of 2024.

As of December 31, 2024, total assets amounted to $10.4 billion, reflecting an increase from $10.3 billion in the prior year, primarily driven by an appreciation in the fair value of financial assets.

Shareholders’ equity increased by $801 million when compared to the first quarter of 2023 quarter, reaching $6 billion at the end of this year’s first quarter. This growth was mainly attributed to both improved profitability and an increase in the fair value of the Financial Assets.

Year ended

For the year ended September 30, 2024, net profit was flat for real estate company Student Living Jamaica limited (138 SL), in spite of rising revenue.

Revenue for the 12 months was $1.37 billion, compared to $1.29 billion at year end 2023. Company income represents revenue from student accommodation, of which 91 per cent is long term for the company and 99 per cent for the group.


138 SL was established to construct and rent living facilities at the University of the West Indies under a 65-year Concession Agreement granted by the University of the West Indies (UWI).


Net profit was flat at $344.79 million, this compared to $343 million at year end September 2023. EPS for the year ended was $0.66, down from $0.83 in 2023.

The company has a 100 per cent subsidiary, 138 SL Restoration Limited, a limited liability company which has a 30 years Concession Agreement and may be extended for a further five (years).


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