August 17, 2026
First Rock Real Estate Investments Limited (FIRSTROCKJMD)
Unaudited financials for the six months ended June 30, 2026:
All figures are stated in US$ unless otherwise indicated.
First Rock Real Estate Investments Limited (FIRSTROCKJMD) for the six months ended June 30, 2026 reported a 46% decrease in Property Income totalling US$1.51 million compared to US$2.78 million in the corresponding period last year. Property Income for the second quarter increased by 29% to US$1.19 million compared to US$919,978 for the comparable quarter of 2025.
Rental Income amounted to US$609,368 (2025: US$639,048), representing a 5% decrease year over year. Realised and Unrealised Gains on Investment Properties decreased by 58% to US$900,000 compared to US$2.14 million for the six months ended June 30, 2025. For the second quarter, Realised and Unrealised Gains on Investment Properties amounted to US$900,000, compared to US$575,000 in the corresponding quarter of 2025.
Interest Income from Financial Assets at Amortised Cost declined by 33% to US$25,962 from US$38,480 in 2025. Interest Expense increased by 34% to US$1.04 million compared to US$780,139 in the prior year. However, Foreign Exchange moved to a gain of US$584,668, compared to a loss of US$340,164 in 2025. As a result, the Net Investment Loss narrowed to US$431,272 from US$1.08 million in the prior year.
Other Income decreased by 23% to US$37,659 from US$49,104 in 2025. Consequently, Net Operating Income for the six months ended June 30, 2026 amounted to US$1.12 million, representing a 36% decrease relative to US$1.75 million reported in 2025. For the second quarter, Net Operating Income increased by 45% to US$686,050 compared to US$471,635 in the corresponding quarter of 2025.
Total Expenses for the six months ended June 30, 2026 amounted to US$910,137, representing a 39% decrease relative to US$1.49 million reported in 2025. The decline was mainly driven by lower Administrative and General Expenses, which fell by 39% to US$909,590 from US$1.49 million in the prior year. For the second quarter, Total Expenses decreased to US$456,099 from US$758,931 in 2025.
Operating Profit for the six months ended June 30, 2026 amounted to US$205,617, representing a 20% decrease from US$257,206 reported in 2025. For the second quarter, the Group recorded Operating Profit of US$229,951 compared to an Operating Loss of US$287,296 in the corresponding quarter of 2025.
Share of Profit from Joint Venture amounted to US$550,000, compared to US$755,943 in 2025. Consequently, Profit Before Taxation for the six months ended June 30, 2026 amounted to US$755,617, representing a 25% decrease from US$1.01 million reported in 2025. For the second quarter, Profit Before Taxation decreased by 51% to US$229,951 compared to US$468,647 in the corresponding quarter of 2025.
Taxation decreased by 63% to US$3,349 compared to US$8,997 in 2025. Consequently, Net Profit Attributable to Shareholders amounted to US$752,268, representing a 25% decrease from US$1.00 million reported in the prior year. For the second quarter, Net Profit Attributable to Shareholders amounted to US$229,951, compared to US$466,237 in the corresponding quarter of 2025.
Total Comprehensive Income for the six months amounted to US$440,809, compared to US$1.30 million in 2025. For the second quarter, Total Comprehensive Income amounted to US$389,385, compared to US$735,046 in the prior year’s quarter.
Consequently, Earnings Per Stock Unit for the six months amounted to US$0.0022, or approximately J$0.35 using the exchange rate of J$158.22, compared to US$0.0040, or approximately J$0.63 in 2025. Earnings Per Stock Unit for the second quarter amounted to US$0.0008, or approximately J$0.13, compared to US$0.0020, or approximately J$0.32 for the corresponding quarter of 2025. The twelve-month trailing Loss Per Share was US$0.00014, or approximately J$0.02, and the number of shares used in these calculations was 38,253,000.
Notably, FIRSTROCKJMD’s stock price closed the trading period on August 14, 2026, at a price of J$7.35.
Balance Sheet Highlights
The Group’s Total Assets amounted to US$69.51 million at June 30, 2026, representing a 14% increase from US$60.89 million in 2025. The increase was mainly driven by Current Development in Progress, which rose to US$25.37 million from US$16.83 million, as the Group continued to advance its investment and development activities. Investment Property Held for Sale also increased to US$5.50 million from nil in the prior year.
Shareholders’ Equity stood at US$26.23 million, compared to US$26.94 million in 2025, representing a book value per share of approximately US$0.09, or J$14.24
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