Maroc - NEWSDAY.CO.TT - A la Une - 11/Sep 06:57

Endeavour Holdings records $9m in profit

Decreasing from the $11.3 million in profit recorded in 2024, Endeavour Holdings Ltd has recoded a $9 million profit after tax for the first quarter of 2025. Endeavour said the decrease was due to a higher tax expense of $1.3 million and renovation expenses of $.5 million. Earnings per share also dropped from 34 cents in 2024, to 27 cents. Revenue from contracts with customers also slightly decreased by $0.5 million going from $22.4 million to $21.9 million in 2025. This, Endeavour said was due to vacancies at Uptown Mall and CHIC, properties in Port of Spain, which was partially offset by new tenants and rent increases at Price Plaza in Chaguanas and Briar Place in St Clair. Renovations at the Uptown Mall and CHIC building cause rental expenses to increase from $6.2 million to $6.9 million. Administrative expenses also rose to $1 million from $.9 million in 2024 because of increased professional fees. Endeavour said operating expenses remained stable at $0.3 million while finance costs decreased to $3.2 million from $3.3 million due to lower interest expenses on reduced loan balances. Due to the expiration of the SME tax exemption in December 2024, current taxation increased to $1.3 million, with the company now paying 50 per cent of the standard corporation tax rate, instead of zero per cent in 2024. Endeavour's total assets increased to $961.2 million from the $954.8 million in 2024. Investment properties remained stable at $922 million, with property, plant and equipment decreasing to $3.17 million. Trade and other receivables also declined by $2.8 million. However, cash and cash equivalents rose by $0.5 million to $19 million with shareholder equity standing at $668.6 million. Endeavour said this was supported by retained earnings of $621.7 million and a maintenance reserve fund of $3.84 million. Borrowings decreased by $17 million to $213.2 million due to loan repayments. In his address, chairman John Aboud said, "Endeavour is well-positioned to navigate the evolving economic landscape. "Our strong financial foundation and strategic focus provide confidence in our ability to deliver long-term value. "We thank our shareholders for their continued support and look forward to building on our successes in the coming quarters." The post Endeavour Holdings records $9m in profit appeared first on Trinidad and Tobago Newsday.