138 Student Living Jamaica is reporting higher net profit for the first quarter ended December 31, despite a slight dip in revenue.
The company posted revenue of $405.6 million, down one per cent compared to the same period last year.
Management says the decline was mainly due to reduced income recognition under its restoration concession agreement.
However, operational performance remained strong.
Average occupancy rose to 98 per cent, up from 97 per cent in the previous quarter, reflecting continued demand for student housing.
Profit from operations totalled $171 million, a five per cent decline year over year.
The company says this was influenced by ongoing discussions with the University of the West Indies, Mona, including reduced income from the Irvin Hall variation claim and lower interest income on receivables.
Profit before taxation came in at $102.2 million, in line with last year's performance.
Net profit increased 12 per cent to $92.7 million, while earnings per stock unit improved to 17 cents, up from 15 cents in the prior year.
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