Big loss for GWest
GWest Corporation Limited blamed debt repayment and the cost of taking the company public for the $48.3 million net loss in the third quarter ending December.
The loss eroded profit of $65.8 million made by the Montego Bay-based company in the comparative period in 2016. And revenues also fell to $21.6 million from $24.3 million in the same periods.
Over nine months, GWest, which is based in Montego Bay, made a net loss of $76.3 million, compared with a profit of $60.2 million a year earlier.
Total assets grew over the period to $1.64 billion from $1.18 billion, reflecting revaluation in the property and continued investment in building out the GWest four-storey multipurpose commercial complex.
GWest was established by a group of medical and business professionals including Dr Konrad Kirlew, Wayne Gentles, Dr Ladi Doonquah, Elva Williams-Richards, Jhameque Richards, and Dennis and Denise Samuels. Its main activities include the development of commercial property and management of health care facilities.
The company launched an IPO and listed on the junior market in December.