Endeavour Holdings Ltd (EHL) has seen an increase in after-tax profits of $51.5 million, from $10.9 million in October 2021 to $62.4 million as of October this year.
In its six-months unaudited financials, released on Wednesday, EHL said its improved profitability includes a gain of $43.8 million arising from the acquisition of Massy Properties (Trinidad) Ltd – now Endeavour POS Properties Ltd which had a positive impact of its bottomline.
The net profit of the new subsidiary for July to October was $1.6 million. Operational profit excluding the acquisition gain is $18.6 million.
EHL's revenue from contracts with customers rose by $3 million from 39.8 million, a year ago, to $42.8 million as at October, also due the inclusion of revenue from Endeavour POS.
"The increase in investment properties of $106 million as at July represents the Endeavour POS properties at $90 million, fair value adjustment made in April 2022 year-end financials of $12.2 million and in addition to building improvements at Price Plaza," EHL chairman John Aboud reports.
Rental expenses fell by $7 million from $18.7 million to $11 million, owing to the reduction in the level of discounts of $8.8 million to $959,000.
Administrative fees was $3.6 million, an increase of $2.8 million from $835,000 arising from increased management and legal fees combined with Endeavour POS's expenses. There was a marginal decrease in operating expenses from $255,000 to $234,000.
Trade and other receivables increased by $2.9 million from October 2021 owing to the inclusion of Endeavour POS's related receivables.
"EHL's corporation tax rate, business levy and Green Fund levy are at zero per cent due to amendments under the Finance Act 2020 granted to listed SMEs and 30 per cent for the subsidiary company," About reports.
Borrowings increased by $11.7.2 million attributed to principal repayments of $28 million and related party loan of $45 million for the acquisition. An interim dividend of 40 cents per common share will be paid on December 16.
The post Endeavour Holdings reports $62.4m after-tax profit appeared first on Trinidad and Tobago Newsday.
