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West Hamilton Holdings Limited. : Interim Financials to 31 March 2017
Hamilton, Bermuda: May 29, 2017 -In a filing with the Bermuda Stock Exchange (BSX), West Hamilton Holdings Limited (the "Company", BSX Ticker:WHHL.BH) announced financial results for the six month period ended 31 March 2017. The filing stated:
West Hamilton Holdings Limited incorporated on May 14, 2007 under the laws of Bermuda and the parent company of West Hamilton Limited, is pleased to announce the financial results for the six-month period ended 31st March 2017 and the declaration of a dividend payable to shareholders.
First Half 2017 Highlights:
Income Statement
The Company earned net income in the period under review of $772,897 (2016: $346,381) more than double the previous period.
Total revenue for the period was $1,488,998 representing an increase of 40 per cent. in comparison to 2016. Rental income for the first half of 2017 improved primarily because of additional rental income from new leases of Belvedere Residences and high occupancy level of office spaces. The parking garage continues to enjoy full occupancy levels with more than 100 potential customers on a waiting list for available parking spaces.
Operating income for the first half of 2017 increased by 45.97 per cent. to $765,476 (2016: $524,390). Operating expenses increased by 33.41 per cent. due to the commissioning and operation of Belvedere Residences. Interest expense increased due to the increase in borrowing to finance the construction of Belvedere Residences which was offset by the gain realized on the sale of one residential unit.
Earnings per share were $0.27 for the period as compared to $0.12 per share in 2016.
Balance Sheet
The Company reported total shareholders’ equity as at 31 March 2017 of $22,246,990 (September 2016: $21,541,682) an increase of 3.27 per cent.
Current assets, which include cash and other assets that could readily be converted into cash, totaled $769,188 as at 31 March 2017 compared with $561,754 as at 30 September 2016.
Total assets amounted to $39.2 million compared with $40.1 million as at 30 September 2016 a decrease of 2.1 per cent. Shareholders’ equity increased by $705,308 or 3.3 per cent.
Book value per share at 31 March 2017 was $7.65 (September 2016: $7.41). This represents an increase of $0.24 cents per share or 3.24 per cent.
Dividend
Following the successful completion of the Belvedere Residences the Board of Directors is pleased to announce that they have approved a special dividend of $0.10 per share, payable on 12 June 2017 to shareholders of record on 29 May 2017.
Contact:
Harrichand Sukdeo Chief Financial Officer Tel: (441) 295-5985