Dolphin Cove says the value of its Jamaican properties has increased by more than US$2.5 million, boosting the company's net asset value.
In a market filing, the company disclosed that an independent valuation of its land and buildings in Jamaica, conducted as of March 31 this year, increased the carrying value of its property, plant and equipment by approximately US$2.576 million.
The revised valuation is expected to increase the company's net book value by approximately US$2.533 million, after adjustments for capital reserves and deferred taxation.
Dolphin Cove says the revaluation will have no impact on its revenue, operating results or cash flows for the period.
The company says the updated property values will be reflected in its financial statements for the quarter ending June 30.
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