First Rock Real Estate Investment's profit dips in 2nd quarter

First Rock Real Estate Investment's profit dipped at the end of its second quarter ended June, linked to foreign exchange losses on the investment income side for the business.

After accounting for foreign exchange losses of US$380,000, the company earned US$422,000 for the three months.

That's down from theUS$ 2.42 million earned during he corresponding period last year.

The real estate company's assets increased, however, coming in at US$62.7 million, versus US$58.6 million.

First Rock Real Estate's property income also increased, coming in at US$1.97 million for April to June, compared with US$1.71 last year.

The company says it is exploring investment opportunities in Costa Rica and Cayman Islands, which it expects will materialise over the next two quarters.

First Rock also says its Hambani Estate development in St. Andrew should be completed by December.

So far, 60 per cent of the units have been pre-sold.