VB Holdings drops 2017 results
3 April, 2018, 12:00 am
VB Holdings Ltd’s (VBH) audited accounts for the year ended December 31, 2017, released on Friday, showed a reduced after tax profit of $1,860,765 when compared with the 2016 profit of $2,094,403.
This represented a decrease of about 13 per cent or $233,638.
While total revenue had decreased by $853,037 this was not proportionally matched by a decrease in the total administration and operating expenses from $6,077,410 in 2016 to $5,482,372 in 2017, a fall of $595,038.
This accounted for the fall in the company’s profits mentioned above.
An analysis of the operating revenue indicated a decline in two of the main revenue streams of the company, relating to rental incomes from the operating lease and maintenance income from the operating lease.
The revenue from operating lease rental declined by $527,976 and the income from the maintenance of the operating lease decreased by $184,263.
And because of the drop in profits the company, as expected, dropped its basic earnings per share from $0.98 in 2016 to $0.87 in 2017.
However the company’s net assets grew from $13.3 million in 2016 to $15.0m in 2017.