G-West sees 16% Fall in Revenue in First Quarterly Reporting since Enlistment

Recently listed Junior Market company G-West Corporation has released its first quarterly reporting since listing on the Jamaica Stock Exchange in December last year.

Reporting reduced revenues of almost $22-million for their quarter ending December 2017 compared to over $24-million in 2016, Director Konrad Kirlew, said this 16-percent reduction was due to lower sales of commercial properties and reflected the remaining units available for sale.

G-West Corporation also recorded a loss of $48-million in the third quarter, representing a 73-percent fall from the $66-million in 2016.

This Director Kirlew says was due primarily to higher administrative expenses for the period reflecting charges for the initial public offering and the repayment of short-term debts.

The company was, however, able to record a 45-percent increase in total assets, moving from just over a billion dollars to $1.6-billion.

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