Good news, bad news for Endeavour Holdings

For Endeavour Holdings, the real estate company that houses retail, food and entertainment businesses such as Movie Towne and KFC, there is good news and bad news, according to its unaudited financial reports released on Friday last.

The good news is, liabilities and expenses fell by millions, allowing the company to maintain its CariCris ratings.

The bad news is, like many other companies, covid19 negatively affected its business.

In the financial report, chairman John Aboud said profits were down by 24 per cent – from $26.5 million last to $20.1 million this year.

“This was primarily due to a decrease in revenue by $17.2 million (25 per cent), from $69 million at January 2020 to $51.8 million in January 2021 which was due to extended concessions granted mainly to the tenants in Price Plaza Mall due to the covid19 pandemic,” Aboud said.

He noted, however, that non-current liabilities went down by $26.1 million, from $864.6 million in January 2020 to $838 million this year because of re-evaluations of investment properties. Current assets went up by $7 million to $69 million this year because of the deferral of principal payments.

Non-current liabilities went down to $294 million this year from $304 million the year before and current liabilities went down from $56.5 million to $48.5 million. This was due to deferrals of principal payments and reductions in tax liabilities.

Aboud said with the wider reopening of the business sector coming along with the sharing of vaccines, Endeavour Holdings could see a turnaround in the decline in profits.

“The company is confident that with the availability of vaccines in the coming months the country would return to an improved business environment and normalcy,” Aboud said.