May 16, 2018
Total Revenue for the quarter ended March 31, 2018 grew 7% to $3.39 billion (2017: $3.16 billion).
Hotel revenue for the quarter increased to $3.29 billion relative to $2.90 billion in 2017. Interest Income decreased 15% to close at $6.97 million (2017: $8.23 million), while net investment property expense for the quarter amounted to $70.31 million compared to $16.11million in 2017.
Net capital gains on financial assets and liabilities slipped 39% to close at $166.40 million (2017: $271.41 million).
Operating Expenses rose 14% to $2.77 billion (2017: $2.44 billion). Of this, hotel expenses increased 10% from $2.13billion in 2017 to $1.93 billion for 2017. Depreciation closed the three months at $246.35 million (2017: $135.88 million). Interest expense for the period rose by $17.97 million to $379 million (2017: $361.02 million). XFUND incurred other operating expenses for the quarter of $17.51 million relative to $8.63 million booked for the comparable quarter in 2017.
Consequently, Profit before Tax dipped to $621.92 million compared to $722.20 million a year earlier. Following tax charges of $129.28 million (2017: $182.70 million), Net Profit decreased 9% to $492.63 million, down from $539.50 million for the comparable period in 2017.
Total comprehensive income as at March 2018 was $547.80 million versus $539.23 million posted 2017 comparative period.
The earnings per share (EPS) for the quarter closed at $0.22 (2017: $0.24). Twelve months trailing earning as at March 31, 2018 was $1.20. The stock was trading at $13.99 on March 31, 2018. The number of shares used in our calculations was 2,243,005,125.
Balance Sheet Highlights:
The company, as at March 31, 2018, recorded total assets of $48.61 billion, an increase of 8% when compared to $44.95 billion recorded in the prior year. The main driver for the increase was current asset which closed at $4.80 billion relative to $2.68 billion in 2017. Receivables as at March 31, 2017 moved from $985.71 million in 2017 to $2.30billion. Securities purchased under agreement to resell amounted to $127.36 million relative to nil in 2017. Investment property as at March 31, 2018 totaled $1.97 billion compared to $1.32 billion recorded for 2017. Property, plant and equipment amounted to $26.20 million versus $25.31 million a year earlier.
Total Stockholders’ equity as at March 31, 2018 closed at $23.24 billion, a 14% increase from the $20.44 billion for the corresponding period last year. This resulted in a book value of $10.36 (2017: $9.11). A total of 2,243,005,125 shares were used in the calculation.
Disclaimer:
Analyst Certification -This research report is for information purposes only and should not be construed as a recommendation. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.