Innovest announced its financial results for the third quarter of 2023, with consolidated net income of $1.67 million, an increase of 365 percent compared to the same period last year’s net income of $359,000.
Accordingly, underlying earnings and diluted earnings per share for the third quarter of 2023 increased to 0.56 cents compared to 0.12 cents for the same period in 2022.
This was primarily due to an increase in facility management and the company’s successful litigation and rescission of related provisions.
Net operating income was $405,000 in the third quarter of this year compared to $211,000 in the third quarter of 2022. This is due to maintaining income levels, improving expense management and reducing funding costs.
Consolidated operating income for the third quarter of 2023 increased 2% to $2.38 million compared to $2.35 million. Meanwhile, group operating expenses decreased slightly by 7% to $1.98 million in the third quarter of 2023 compared to $2.14 million in the same period. Period of 2022.
Innovest’s first nine months of 2023 resulted in consolidated net income of $2.23 million, an increase of 24% compared to a year-ago profit of $1.8 million.
The group also reported that the parent’s underlying profit and diluted earnings per share for the first nine months of 2023 were 0.75 cents, compared to 0.61 cents in 2022.
This increase was primarily due to the reversal of previously taken provisions.
In addition to other revenue increases, Innovest maintained clear control of expenses across the business.
In the first nine months of 2023, consolidated net operating income increased 184% to a profit of $1.35 million compared to $475,000 in the same period in 2022. This is mainly due to the reasons mentioned above.
Additionally, consolidated operating income for the nine months of 2023 increased 5% to $7.42 million compared to $7.1 million in the prior year.
Regarding the Group’s key balance sheet metrics, equity attributable to parent shareholders was $146.07 million at 30 September 2023, compared to $143.84 million at the end of 2022.
During the same period, Innovest reported consolidated total assets of $235.39 million, a slight decrease of 2% compared to $240.33 million at the end of 2022.
In terms of liquidity, Innovest’s cash and bank balances accounted for approximately 5% of its total consolidated assets.
As such, cash and bank balances remained strong at $11.6 million.
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