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Hamilton, Bermuda —09 December 2020– In a filing with the Bermuda Stock Exchange (“BSX”), West Hamilton Holdings Ltd(Ticker: WHHL.BH)announced financial results for the year ended 30 September 2020.  The filing stated:

 

 

 

West Hamilton Holdings Limited, a property investment and management company, announces its financial results for the year ended 30^th September 2020 and the declaration of dividends payable to shareholders.

 

 

 

Fiscal year 2020 Highlights:

 

 

 

Income Statement

 

 

 

The Company increased its net operating income by 13.9% to $1.9 million (2019: $1.7 million). Total revenue for the year was $3.1 million representing a slight decrease in comparison to 2019, due to Covid-19 relief provided to tenants and the car parking facility. The Company retained high occupancy rates across all its property assets; 81% in the Belvedere Building and 100% in both the Belvedere Residences and the car parking facility.

 

 

 

Operating expenses decreased by 6.6% and interest expense decreased by 31% commensurate with the decrease in borrowing costs and the reduction of the principal balance of the loans. The large decrease in expenses was partially offset by higher maintenance costs.

 

 

 

Last year the Company adopted a new accounting standard whereby the value of the Company’s property assets is valued at fair value as opposed to depreciated cost basis. As such, the Company has had to include devaluation expense of $2.3 million and $10.4 million for 2020 and 2019, respectively. This non-operating expense resulted in a net loss for both years and the accumulated reduction in shareholders’ equity.

 

 

 

The loss per share was $0.14 for the year as compared to $3.02 per share in 2019.

 

 

 

Balance Sheet

 

 

 

The Company reported total shareholders’ equity as at 30th September 2020 of $33.9 million (September 2019: $34.8 million), a decrease of 2.4 percent

 

 

 

Current assets, which include cash and other assets that could readily be converted into cash, totalled $2.6 million as at 30^th September 2020 compared with $2.0 million in September 2019.

 

 

 

Total assets amounted to $45.3 million compared with $47.1 million at the end of fiscal 2019 a decrease of 3.8 percent. 

 

 

 

Book value per share at 30^th September 2020 was $11.67 (September 2019: $11.96). This represents a decrease of 0.29 cents per share

 

 

 

Dividends

 

The Board of Directors approved the payment of an increased annual dividend of $0.17 (2019: $0.15) per share and a special dividend of $0.15 per share to shareholders of record on 26^th November 2020. Both dividends will be payable on 15^th December 2020.

 

 

 

The special dividend will be paid from cash received from the sale of the Company’s Ascendent shares.

 

 

 

Michael Collier, Chairman of the Company stated:

 

 

 

“The company has performed well in what has been undoubtedly a very difficult year managing the Covid-19 pandemic. Notwithstanding these challenges, the results remain strong as does cashflow and the Company’s ability to declare both the annual dividend and special dividend are very pleasing accomplishments for our Shareholders. The property market remains soft and as such the Directors have taken the decision that it would not be prudent to look to further develop our property assets at this stage. However, we remain ready to move forward as and when the market dynamics change for the positive.”

 

 

 

 

 

forward as and when the market dynamics change for the positive.”