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Hamilton, Bermuda – 9th November 2022 – In a filing with the Bermuda Stock Exchange West Hamilton Holdings Limited (the “Company”) (Ticker: WHHL.BH), is pleased to present its unaudited financial results for the six-month period ended 31 March 2022. The full filing stated:

 

West Hamilton Holdings Limited

71 Pitts Bay Road

Pembroke HM 08

 

Letter to Shareholders.

 

The Company is pleased to present its unaudited financial results for the six-month period ended 31

March 2022.

 

Income Statement

 

The Company earned net income in the period of $948,364 (2021: $1,023,449.)

Total revenue for the period was $1,529,573 representing a decrease of $90,560 in comparison to

2021. Rental income for the first half of 2022 decreased marginally as a result of lower occupancy

level in the Belvedere Building. The parking garage continues to enjoy full occupancy levels with more

than 75 potential customers on a waiting list for available parking spaces.

 

Operating income for the first half of 2022 increased by 7.3 per cent. compared to 2021. Operating

expenses increased by 9.4 per cent due higher maintenance costs. Interest expense decreased by

more than 50 percent due to significant lower borrowing rates negotiated during the period.

 

Earnings per share were $0.32 for the period as compared to $0.35 per share in 2021.

 

Balance Sheet

 

The Company reported total shareholders’ equity as at 31 March 2022 of $40.85 million (September

2021: $39.90 million) an increase of 2.4 per cent.

 

Current assets, which include cash and other assets that could readily be converted into cash, totaled

$3,598,169 as at 31 March 2022 compared with $2,555,972 as at 30 September 2021. The Company

generated free cash flow during the period of $1,586,496, the accumulated cash reserves will be

used to fund future dividend payments and potential further development of the Company’s assets.

  

Total assets amounted to $51.53 million compared with $50.39 million at the end of fiscal 2021, an

increase of 2.3 percent.

 

Book value per share at 31 March 2022 was $14.04 (September 2021: $13.72). This represents an

increase of $0.32cents per share or 2.3 per cent.

 

Finally, I wish to thank the Directors, management and staff for their continued participation, dedication and support throughout the first half of the fiscal year.

 

J Michael Collier

President

 

2022 Interim FS

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