Endeavour Holdings reports $42.8m in profits

REAL-estate portfolio-management company Endeavour Holdings Ltd recorded a profit of $42.8 million after taxation for the period ending April 30.

The profits signify a $26 million decrease when compared to the same period in 2023.

The figures were reported in the company’s audited consolidated financial statements.

Endeavour Holdings reported $62.6 million in net rental income. It reported gains from fair-value adjustments on investment properties and other income sources, but expenses reduced the earnings to an operating profit of $60.5 million.

Finance costs reduced the earnings further, bringing the company’s earnings to a profit before tax of $46.1 million.

Taxation to the tune of $3.28 million brought the figure down to the final profit after tax.

In comparison, Endeavour Holdings’ net rental income for the same period in 2023 was $59.4 million, with losses from fair-value adjustment on investment properties to the tune of $10.6 million and administrative and operating expenses reducing earnings to $43.6 million.

But a gain on acquisition of a subsidiary, namely the issued and outstanding shares of Massy Properties (Trinidad) Ltd in 2022, resulted in $43.7 million boost in income in 2023, resulting in a profit before tax of $70.5 million.

After taxes, Endeavour Holdings reported $68.9 million.