138SL, the construction company doing the expansion of residential facilities at the University of the West Indies is reporting a 173% increase in profits for the first quarter ended December 2016. They are reporting a profit of $11m for the quarter vs a loss of $14.9m last year.
The company is reporting that
Revenue more than doubled year on year as a result of increased occupancy levels inclusive of short term rentals. With the completion of Phase 2 at the end of December 2016, a further increase is expected to be seen in Revenue for the next quarter.
Expenses on the other hand increased year on year by 72% with Salary and Related costs being the significant contributor as the necessary staffing resources were put in place to support the almost doubling of our accommodation and facilities. Finance costs increased year on year by 86% due to the additional long term loans acquired by 138SL to finance the 3 blocks that were completed during the period under review.
The second set of rooms, scheduled to be handed over by the end of November 2016, have been completed and are now accepting residents.
Profits for the quarter were down 14.1% compared to prior quarter. The company earned profits of $12.8m in the previous quarter ending September 2016 compared to $11m in this quarter.
- Companies: 138 Student Living Jamaica Ltd