May 14, 2024
138 Student Living Ltd.(138SL)
Unaudited financials for the six months ended March 31, 2024:
138 Student Living Ltd. (138SL) for the six months ended March 31, 2024, reported an 8% increase in Income totalling $716.03 million compared to $661.12 million in the corresponding period last year. Income for the second quarter had a 14% increase to close at $364.63 million compared to $320.06 million for the comparable quarter of 2023.
Other Operating Income amounted to $64.91 million (2023: $39.53 million), this represents an increase of 64% year over year. Consequently, total revenue increased by 11% to $780.94 million compared to $700.65 million for the six months ended March 31, 2023. The company booked total revenue of $402.75 million for the second quarter versus $354.30 million reported for the similar quarter of 2023.
Administrative and other expenses increased by 20% to close at $404.19 million (2023: $335.84 million). As such, Profit from Operation increased by 3% from $364.82 million in 2023 to $376.75 million in the period under review.
Finance costs for the six months ended March 31, 2024, amounted to $172.68 million, a 5% decrease relative to $181.40 million reported in 2023.
Profit Before Taxation for the six months ended March 31, 2024, amounted to $204.07 million, a 11% increase relative to $183.42 million reported in 2023. Profit Before Taxation for the second quarter amounted to $118.63 million (2023: $102.42 million).
Taxation for the six months ended March 31, 2024, had a 439% increase to reach $12.27 million (2023: $2.28 million). Consequently, Net Profit for the six months amounted to $191.80 million, a 6% increase from the $181.14 million reported in 2023. For the second quarter, Net Profit was $120.97 million (2023: $100.23 million).
Consequently, Earnings Per Share for the six months amounted to $0.36 (2023: EPS: $0.34), while Earnings Per Share for the quarter totalled $0.23 (2023: EPS: $0.19). The twelve-month trailing EPS was $0.66. The number of shares used in the calculation was 536,855,600 units.
Notably, 138SL’s stock price closed the trading period on May 13, 2024, at a price of $3.88 with a corresponding P/E ratio of 5.89x.
Balance Sheet Highlights
The company’s assets totalled $10.37 billion (2023: $9.76 billion). Notably, ‘Receivables’ trended up by $364.29 million from $964.24 million to $1.33 billion to close the period. Also, ‘Cash and cash equivalents’ increased by $190.97 million to $305.07 million (2023: $114.10 million).
Shareholder’s equity was $5.53 billion (2023: $4.68 billion), representing a book value per share of $10.31 (2023: $8.72).
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