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VB Holdings Delivers $4million Profit

VB Holdings Ltd has achieved an operating profit above $1million. This was announced yesterday at their 67th annual general meeting. Since its inception 68 years ago this is the first
05 Jun 2015 09:44
VB Holdings Delivers $4million Profit

VB Holdings Ltd has achieved an operating profit above $1million.

This was announced yesterday at their 67th annual general meeting.

Since its inception 68 years ago this is the first time the asset management company has achieved this operating profit.

The Company recorded a turnover of $5.4million in 2014, compared to $3.6million in 2013, a 48% increase. The Company delivered total profit (PBIT)of $4,895,340, compared to $723,669 in 2013.

Operating profit was $1,532,777, a 111.80% increase compared to $723,669 for the previous period.

The Company also brought onto its books a revaluation of its properties to fair value, compared to its previous book values based from 1977 costs, resulting in an additional $3.3million to its profit for the year.

The Board felt that this revaluation is particularly relevant to VBH as it is a property management company, so as to reflect its return on property assets at fair market value.

Property Management income rose 52% with positive occupancy rates due to improved economic conditions. With various infrastructure development and road construction underway, Fleet Management business also grew by 22%.

 



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