Pub­licly list­ed En­deav­our Hold­ings Ltd (EHL) yes­ter­day re­port­ed af­ter-tax prof­it of $71.68 mil­lion for the nine-month pe­ri­od end­ing Jan­u­ary 31, which was an in­crease of 235 per cent over the $21.40 mil­lion the prop­er­ty hold­ing com­pa­ny re­port­ed for the same pe­ri­od in 2022.

Most of the com­pa­ny’s in­creased prof­it of $50.3 mil­lion was as a re­sult of a gain of $43.8 mil­lion, which it recog­nised on its ac­qui­si­tion of Massy Prop­er­ties (Trinidad) Ltd.

That ac­qui­si­tion, which was re­named En­deav­our PoS Prop­er­ties Ltd (EHLPOS), was con­sol­i­dat­ed on­to EHL’s books as at Ju­ly 8, 2022. The ac­qui­si­tion com­prised Up­town Mall, the CHIC Build­ing, among oth­ers, ac­cord­ing to a statu­to­ry an­nounce­ment made by EHL on May 31, 2022.

Ex­clus­ing the gain from the ac­qui­si­tion, EHL re­port­ed op­er­a­tional prof­it of $27.9 mil­lion, which in­creased by $6.5 mil­lion com­pared with the nine months end­ed Jan­u­ary 2022,

The net prof­it of the new­ly ac­quired sub­sidiary was $3.9 mil­lion for the pe­ri­od from Ju­ly 2022 to Jan­u­ary 2023.

In the re­port ac­com­pa­ny­ing the quar­ter­ly re­sults, EHL chair­man, John Aboud, said, “Rev­enue from con­tracts with cus­tomers in­creased by $3.7 mil­lion from $59.9 mil­lion as at Jan­u­ary 2022 to $63.6 mil­lion as at Jan­u­ary 2023, due to the in­clu­sion of rev­enue from EHLPOS.

“Rental ex­pens­es de­creased by $6.7 mil­lion from $24.1 mil­lion as at Jan­u­ary 2022 to $17.4 mil­lion as at Jan­u­ary 2023. This de­crease is pri­marly cred­it­ed to the re­duc­tion in rental dis­counts (pri­marly made avail­able by the com­pa­ny to ten­ants dur­ing the COVID-19 pan­dem­ic) from $8.9 mil­lion as at Jan­u­ary 2022 to $1.1 mil­lion as at Jan­u­ary 2023.”

Aboud said EHL record­ed an in­crease in in­vest­ment prop­er­ties of $106 mil­lion as at Jan­juary 2023, which rep­re­sents the EHLPOS prop­er­ties at $90 mil­lion, fair val­ue ad­just­ment made in the April 2022 year-end fi­nan­cial of $12.2 mil­lion and build­ing im­prove­ments at Price Plaza.

The com­pa­ny’s cor­po­ra­tion tax rate, Busi­ness Levy and Green Fund levy are ze­ro as a re­sult of the amend­ments to the Fi­nance Act grant­ed to list­ed small and medi­um-sized en­ter­pris­es.

Look­ing for­ward, Aboud said EHL ex­pects to re­fi­nance its bond bal­lon pay­ment at the end of March 2023, fund­ing for which has al­ready been se­cured by the com­pa­ny.

He al­so an­nounced that Cin­e­maOne’s mul­ti cine­plex is ex­pect­ed to open in Price Plaza North in May 2023.