Business

FirstRock Real Estate Investments reports profits of US$516,000 in Q3

Loop News

November 7, 2022 3:05 PM ET

2 mins read

FirstRock Real Estate Investments, which operates a listed fund that builds real estate developments, made less quarterly profit for its shareholders during the September 2022 quarter.

It has over 3,000 shareholders led by CEO and cofounder Ryan Reid.

The company’s profit totalled US$516,000 for the September 2022 quarter or 26 per cent less than the profit of US$700,000 in the previous year’s quarter. Total revenue was US$1.2 billion from US$1.7 billion a year ago.

“FirstRock posted solid results for its third quarter ended September 30, 2022. The group delivered on another profitable quarter which saw a significant increase in the asset base when compared to the comparative period in 2021,” said Ryan Reid in the financial results.

Earnings Per Share (EPS) of US$ 0.002 for the quarter, and over nine-months EPS totalled US$ 0.018.  

“The results were driven primarily by gains in the group’s real sector and financial assets and property income, which have been achieved through the prudent management of the balance sheet,” said Reid.  

The financial position continues to grow, with total assets at the end of the quarter at US$ 60.72 million, with shareholders’ equity of US$ 37.44 million.  

“The group has continued its strong performance in 2022 with total assets continuing to climb steadily towards the target of US$100 million in five years,” said Reid.