On 21 December, Santumas Shareholdings plc published its interim report covering the six months ended 31 October 2017.
The financial statements for the six months ended 31 October 2017 reveal a significant decline in revenue to €28,170 compared to €283,489 in the previous corresponding period. The drop is due to a 26.4% drop in investment income to €0.14 million (as the increase in dividend income was offset by a decline in income from ground rent redemptions) as well as decrease of €0.11 million in the fair value of financial assets in contrast to an uplift of €0.099 million in the previous corresponding period. Furthermore administrative expenses increased by 31.1% to €71,842.
As a result, Santumas Shareholdings plc incurred a loss before tax of €43,672 for the period under review compared to a pre-tax profit of €228,669 in the previous comparable period.
After accounting for taxation amounting to €41,328 (HY2016: €35,421), the net loss for the period under review amounted to €85,000 in contrast to the net profit of €193,248 registered in the previous corresponding period.
The Statement of Financial Position as at 31 October 2017 compared to the corresponding figures as at 30 April 2017 shows a 0.7% drop in total assets to €12.05 million largely reflecting the 35.7% drop in cash balances to €0.72 million. Meanwhile, total liabilities only contracted by 0.6% to €0.65 million. Overall, total equity contracted by 0.7% to €11.4 million reflecting the loss incurred during the period under review. This translates into a net asset value per share of €1.714 compared to €1.727 as at 30 April 2017 (both figures were adjusted for the 1 for 2 bonus issue effective 4 December 2017).
Santumas Shareholdings plc – Interim Report covering the six months ended 31 October 2017