Stanley Motta's profit hit by rising costs

Stanley Motta’s flagship property, the 58 HWT Tech Park, continues to attract significant interest from local and international tenants in the outsourcing sector.

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Stanley Motta Jamaica Ltd revealed robust performance across key financial metrics but profit still dipped slightly in the March 2024 quarter.

Revenue for the March quarter was driven by higher occupancy rates and rental income from its property portfolio.

Total revenue for the quarter stood at $132 million, marking a four per cent rise compared to $127 million in the same period last year. This growth is primarily attributed to the company’s successful efforts in tenant acquisition and retention, as well as favourable market conditions.

Net profit, however, dipped to $59 million from $65.3 million a year earlier. The profit margin was negatively impacted by higher costs in the quarter.

The company’s flagship property, the 58 HWT Tech Park, continues to attract significant interest from local and international tenants in the outsourcing sector.

Stanley Motta is constructing another tower at the premises with it booking work in progress bringing total assets to $9.9 billion from $9.6 billion a year earlier.

The outlook for Stanley Motta remains solid due to continued growth in the commercial real estate sector.

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