April 01, 2025
First Rock Real Estate Investments Limited (FIRSTROCKJMD)
Audited Financials for the Twelve Months Ended December 31, 2024
Expressed in United States dollars except where otherwise stated
First Rock Real Estate Investments Limited (FIRSTROCKJMD) reported Property Loss of US$4.71 million for the twelve months ended December 31, 2024, compared to Property Income of US$543,052 in the corresponding period last year. Property Loss for the fourth quarter increased 92% to US$6.63 million, compared to US$3.46 million for the comparable quarter of 2023.
Rental income amounted to US$161,281 (2023: US$206,341), representing a decrease of 22% year over year. Consequently, the net gain from fair value adjustments on investment properties decreased by 22% to US$1.85 million, compared to US$2.38 million for the twelve months ended December 31, 2023. The company booked a net gain from fair value adjustments on investment properties of US$1.29 million for the fourth quarter, versus a net loss from fair value adjustments on investment properties of US$1.38 million reported for the similar quarter of 2023.
Interest income from financial assets at amortized cost decreased by 46% to US$241,182 (2023: US$442,573), while interest expense rose 15% from US$779,643 in 2023 to US$895,213 in the period under review. As a result, the net operating loss for the twelve months ended December 31, 2024, amounted to US$5.73 million, a 316% increase relative to the US$1.38 million reported in 2023.
Total expenses for the twelve months ended December 31, 2024, amounted to US$3.60 million, down 1% relative to the US$3.63 million reported in 2023. Operating loss totaled US$9.33 million, up 86% from the prior year (2023: US$5.01 million).
Taxation for the twelve months ended December 31, 2024, amounted to US$16,818, a 313% increase relative to the US$4,070 reported in 2023. Taxation for the fourth quarter amounted to US$27,053 (2023: US$7,782).
Net loss attributable to shareholders for the twelve months ended December 31, 2024, increased by 161% to reach US$8.89 million (2023: US$3.41 million). Total comprehensive loss for the period attributable to shareholders amounted to US$9.05 million, a 217% increase from the US$2.86 million reported in 2023. For the fourth quarter, total comprehensive loss was US$14.17 million (2023: US$7.97 million).
The twelve-month trailing LPS was US$0.032, and the number of shares used in these calculations was 38,253,000.
Notably, FIRSTROCKJMD’s stock price closed the trading period on March 31, 2025, at US$9.52.
Balance Sheet Highlights
The company’s assets totalled US$57.17 million (2023: US$60.20 million). This decrease was attributable to “Investments at amortized cost, net of provision for credit losses,” which amounted to US$1.83 million for the year ended 2024 (2023: US$4.77 million).
Shareholders’ equity was US$25.64 million (2023: US$34.69 million), representing a book value per share of US$0.09 (2023: US$0.12).
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