June 01, 2026
First Rock Real Estate Investments Limited (FIRSTROCKJMD)
Unaudited financials for the first quarter ended March 31, 2026:
Expressed in United States dollars except where otherwise stated
First Rock Real Estate Investments Limited (FIRSTROCKJMD) for the first quarter ended March 31, 2026, reported an 83% decrease in Property Income totalling US$323,925 compared to US$1.86 million in the corresponding three months last year.
Rental Income amounted to US$323,925 (2025: US$295,179), representing an increase of 10% year over year. However, Realised and Unrealised Gain on Investment Properties decreased to nil, compared to US$1.57 million for the first quarter ended March 31, 2025. Consequently, the decline in Property Income was primarily driven by the absence of fair value gains on investment properties during the period.
Interest Income from financial assets at amortised cost decreased by 67% to close at US$9,876 (2025: US$29,747), while Foreign Exchange Gain amounted to US$601,391, compared to a Foreign Exchange Loss of US$164,897 in 2025. Interest Expense increased by 15% from US$457,471 in 2025 to US$524,115 for the three months. As a result, Net Operating Income for the first quarter amounted to US$429,705, a 66% decrease relative to US$1.28 million reported in 2025.
Total Expenses for the three months amounted to US$454,039, a 38% decrease relative to US$733,726 reported in 2025. Operating Loss totalled US$24,334, compared to Operating Profit of US$545,611 in the corresponding period last year.
Share of Profit from Joint Venture amounted to US$550,000, compared to nil in 2025. Consequently, Profit Before Taxation for the first quarter ended March 31, 2026, amounted to US$525,666, a 4% decrease relative to US$545,611 reported in 2025.
Taxation for the first quarter ended March 31, 2026, amounted to US$3,349, a 49% decrease relative to US$6,588 reported in 2025. Net Profit for the three months amounted to US$522,317, a 3% decrease from the US$539,023 reported in 2025. Profit attributable to owners of the company for the three months amounted to US$522,317, compared to US$539,023 in the prior year.
Total Comprehensive Income for the first quarter amounted to US$51,424, compared to US$566,314 in 2025, reflecting currency translation losses of US$470,893 during the period.
Consequently, Earnings Per Share for the three months amounted to US$0.0018, or approximately J$0.29 using the 2026 exchange rate of J$158.62. This compares to EPS of US$0.0020, or approximately J$0.32 using the 2025 exchange rate of J$158.44. The twelve-month trailing LPS was US$0.0005, or approximately J$0.01, and the number of shares used in these calculations was 38,253,000.
Notably, FIRSTROCKJMD’s stock price closed the trading period on May 29, 2026, at a price of J$7.11.
Balance Sheet Highlights
The company’s assets totalled US$68.13 million (2025: US$59.59 million). The increase in total assets was mainly driven by Development in Progress, which rose to US$24.34 million from US$16.33 million, as the Group continued to advance its strategic development projects, including Hambani Estates. Investment Property Held for Sale also amounted to US$5.50 million, compared to nil in the prior year, while Investment in Joint Venture increased to US$4.40 million from US$3.63 million. This was partly offset by a decline in Investment Property to US$27.11 million from US$33.02 million.
Shareholder’s Equity was US$25.84 million (2025: US$26.21 million), representing a book value per share of US$0.09, or approximately J$14.33 using the 2026 exchange rate of J$158.62. This compares to US$0.09, or approximately J$14.52 using the 2025 exchange rate of J$158.44.
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