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Hamilton, Bermuda: 14^th, December 2021 –In a filing with the Bermuda Stock Exchange West Hamilton Holdings Limited (the “Company”) (Ticker: WHHL.BH), announces its financial results for the year ended 30^th, September 2021. The full filing stated:

 

West Hamilton Holdings Limited (the “Company”)

Announcement dated 10^th December 2021

 

 

10^th December 2021 (Pembroke, Bermuda) – West Hamilton Holdings Limited is pleased to announce its financial results for the year ended 30 September 2021.

 

Highlights of results for the year:

 

Income Statement

 

The Company’s net profit for the year ended 30 September 2021 was $6.86 million (2020: $0.40 million loss) which is the highest reported profit for the Company since inception. The increase in market value of the Company’s property assets accounted for $4.70 million of the reported profit.

 

Total revenue for the period was $7.85 million which is significantly above last year (2020: $3.13 million) and operating expenses before interest were $0.85 million (2020: $3.17 million). During the year the Company generated cash from operations of $2.47 million which was used for a dividend payment, the partial repayment of bank loans and loan interest for the year. In addition, the Company invested $0.10 million in the maintenance and development of the Company’s property assets.

 

A dividend will not be paid in 2021 as surplus cash will be retained for further development of the Company’s property assets.

 

Balance Sheet

 

The Company reported Shareholders’ equity as at 30 September 2021 of $39.90 million (2020: $33.96 million). The increase of 17.5 percent was attributed mostly to the change in valuation of the Company’s property assets due to an improved property market and the receipt of planning approval for a new mixed-use building.

 

Current assets, which include cash and other assets that could readily be converted into cash, totaled $3.0 million as at 30 September 2021, compared with $2.6 million as at 30 September 2020.

 

Book value per share at 30 September 2021 was $13.72 (2020: $11.67).

 

Planning approval to build an 8-storey mixed use building almost identical to the Belvedere Residences was received in November 2021.

 

 

 

Michael Collier, Chairman of the Company stated:

 

 “We are pleased with the Company’s record results over the last year which is an indication of the quality of our assets. We were delighted to receive planning permission for the construction of a mixed use building next to the existing Belvedere Residences. Whilst we remain in a global pandemic we look forward with a cautiously optimistic outlook. “

 

 

 

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For more information on the Bermuda Stock Exchange (BSX), contact James Best at 1-441-292-7212 or jbest@bsx.com . Information is also available at www.bsx.com and on Bloomberg at BSX.

 

Established in 1971 the Bermuda Stock Exchange (BSX) is now the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.

 

The BSX, recognised by the US SEC as a Designated Offshore Securities Market, is a member of the World Federation of Exchanges and is located in an O.E.C.D. member nation. The BSX has Approved Stock Exchange status under Australia’s Foreign Investment Fund (FIF) taxation rules; Designated Investment Exchange status by the UK’s Financial Services Authority; Recognised Stock Exchange by the UK HM Revenue and Customs; Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.