En­deav­our Hold­ings Ltd (EHL) has re­port­ed a gain of $44M on the ac­qui­si­tion of the Massy Prop­er­ties (Trinidad) Lim­it­ed (MPTL)

Ac­cord­ing to the com­pa­ny’s fi­nan­cials, for the quar­ter end­ed Ju­ly 31, 2022, the ac­qui­si­tion re­sult­ed in in­creas­ing EHL’s net prof­it for the pe­ri­od to $53M.

On Ju­ly 8, 2022, EHL com­plet­ed the ac­qui­si­tion of 100 per cent of the is­sued shares of MPTL for $45M which was fi­nanced by a tem­po­rary loan from a re­lat­ed par­ty.

A long-term bank loan is in the process of be­ing fi­nalised to re­place this re­lat­ed par­ty debt, the com­pa­ny said.

It added its op­er­a­tional prof­it af­ter tax has in­creased by $5M from $3.9M in Ju­ly 2021 to $8.9M in Ju­ly 2022

This, EHL said this lev­el of prof­it is com­pa­ra­ble to pre-COVID lev­els.

It al­so not­ed that rev­enue from con­tracts with cus­tomers in­creased mar­gin­al­ly by $200,000 from $19.9M as at Ju­ly 2021 to $20.1M as at Ju­ly 2022.

The com­pa­ny al­so re­port­ed ad­min­is­tra­tive fees in­creased by $915K from $565K in Ju­ly 2021 to $1.48M in Ju­ly 2022 be­cause of in­creased man­age­ment and le­gal fees.

The com­pa­ny al­so not­ed that trade and oth­er re­ceiv­ables due to rig­or­ous col­lec­tions.