The directors of 138 Student Living are reporting that the company recently received an A rating on the Jamaica Stock Exchange’s Corporate Governance Index because of its strong commitment to good governance.
The company also reported a significant increase in its profitability during the nine-month period which ended on June 30 of this year, compared with the same time last year.
The company generated net profits of $270 million on revenues of $1.14 billion during the nine-month period which ended on June 30 of this year.
This was mainly due to the fact that 90% of its rooms were occupied, while its interest payments were reduced by $307 million.
These profits were 30 per cent more than during the same period the previous year.
The company says it is entering the final quarter of this year from a position of strength, based on these results.
The directors also say its priorities will be managing its cash balances, reducing its debt, maximizing short-term rental opportunities, and collecting money owed to it, which amounted to $693 million on June 30.
