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Huge net income boost for Premier

Premier Commercial Real Estate Investment Corporation turned a$124k loss in net income in 2009 to a$1.3 million gain in 2010, with its annual report revealing rises in nearly every area.

The turnaround for the year ended September 30, 2010 came after the 2009 fiscal year, when the company’s net income was in the red at$124,699. Large increases came in the total income segment, where it surged 693 percent from$218,415 in 2009 to$1.7 million in 2010.

Total expenses rose 24.4 percent from$343,114 in the 2009 fiscal year to$426,883 in 2010, while total liabilities dropped 9.2 percent to$3.1 million from$3.4 million.

Total assets slightly rose by 3.4 percent to$16.6 million from$16 million in 2009, and total net assets grew 6.9 percent to$13.5 million from$12.6 million the corresponding period last year. Net assets per share stood at$12.48 per share compared to$11.68 per share the previous year.

The strong finish for the BISX-listed company came after a productive third quarter, where net income increased 4 percent from$521,000 in 2009 to$543,000. During that period, the firm managed to cut its total expenses down by 12 percent to$250,033 from$284,558 at the corresponding period last year, but saw its total income slip 1.5 percent to$793,484 from$805,864. Total liabilities decreased by six percent to$3.4 million, from$3.6 million.

That period the company also saw its total assets drop 6.8 percent from$17.3 million to$16.1 million. Total net assets fell by seven percent from

$13.7 million to$12.7 million. Net assets per share also slipped seven percent from$12.67 per share to$11.78.

Premier Commercial Real Estate is an investment company that acquires, owns, manages, leases and redevelops office, warehouse, retail, industrial and other commercial properties in The Bahamas. Through its holding subsidiaries, it owns four commercial properties totalling 100,000 square feet of gross leasable space in Nassau and Grand Bahama.

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