Endeavour Holdings Ltd has reported after-tax profits for the three months ended July 31, 2024, of $11.3 million, an increase of $0.2 million when compared to the profit after tax of $11.1 million in July 2023.
In its financials, which were posted on the T&T Stock Exchange, Endeavour Holdings chairman John Aboud also noted that revenue from contracts with customers rose by $0.2 million, from $22.2 million in July 2023 to $22.4 million in July 2024.
That increase, Aboud said, was driven by higher rental income due to new tenants at Price Plaza and Briar Place.
He further noted that rental expenses decreased by $81,000 from $6.3 million in July 2023 to $6.2 million in July 2024, primarily due to reduced repairs and maintenance expenses.
“Administrative fees experienced a decrease marginally by $36,000, from $912,000 in July 2023 to $876,000 in July 2024.
“Operating expenses increased by $391,000 moving from negative $100,000 in July 2023 to $291,000 in 2024, mainly due to the reversal of bad debt provision in 2023,” Aboud added.
Regarding taxation, he said the company benefited from a zero per cent corporation tax rate, business levy, and green fund levy, due to amendments under the Finance Act 2020 granted to listed SMEs.
Taxes recorded in 2023 are those of the subsidiary company which was amalgamated with Endeavour Holdings Ltd on January 31, 2024, he stated. The company paid $450,955 in deferred taxation in its first quarter.
Investment properties Aboud said increased by $3.6 million as of July 2024 due to a fair value write-up of $3.3 million at year-end and net of building improvements at Price Plaza amounting to $0.3 million.
“This brought the total from $908.2 million in July 2023 to $911.8 million in July 2024,” he said.
He further noted that trade and other receivables increased by $5.8 million due to higher trade receivables from two tenants, which were collected in early August 2024.
Also, Aboud said cash and cash equivalents decreased by $16.5million, owing to the final dividend for year-ended April 30, 2024, paid in July 2024.
