World News: 12:30 GMT Thursday 6th December 2018. [Metrospaces, Inc. via Globe Newswire via SPi World News]
NEW YORK, NY, Dec. 06, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Metrospaces, Inc. (OTC PINK: MSPC) today issued earnings report for 3rd Quarter 2018 with Net Income of $3,623,218.
Metrospaces’ 3rd Quarter Net Income was the second highest in our history since inception. The continued growth of our operating companies and investments highlight the early success of our business plan. As a Company focused on operating and investing in real estate projects and operating companies with strong real estate components to their business, we are clearly seeing a true consolidation and ratification of our business strategy. Currently, our investment in IQSTel, Inc. (OTC:IQST) has been the main driver in our net income and increase of book value and net assets. We are very pleased at how our operating companies continue to grow and prove our business plan to be successful.
These results mark the success of our turnaround effort started in 2Q of 2017, when the Company divested and wrote off almost all its Latin American investments and started focusing almost solely in the US. As a culmination of this re-focusing of our business plan to the US, the Company finally decided to finalize its investment in Ikal Wine and Lodge by redeeming its Preferred Series C Stock in exchange of giving back 100% of the capital stock of Ikal Wine and Lodge properties. This lowered our obligated dividends by approximately $50,000 a year, and additionally, and more importantly, will allow the Company to continue to focus its manpower and capital resources into the US and other more mature markets and outside of Latin America. Even though we fully supported and expected the Ikal Wine and Lodge deal to be a big part of our growth, we realized that our resources would be better invested in the US. We believe that aside from the Net Income $3,623,218 generated in the 3rd quarter, the most important highlight in this quarterly result is that our Net Book Value on a per share basis was $0.0015 as of September 30, 2018. This, in our opinion, potentially highlights that our company is currently trading at a severely undervalued stock price.
To underpin our balance sheet and earnings, IQSTel, Inc. our main operating company and investment currently, finished their fiscal year as of June 30, 2018 at $9.6 million in revenue and 1st Quarter ended in September 30, 2018 at $3.8 million in revenue, showing a 57% revenue growth based on year-end run rates. In more clear terms, they grew monthly revenue from approximately $800,000 to approximately $1.3 million year-over-year.
As far as other accomplishments, the Company acquired a 15% stake in the development of a 22-unit residential luxury project located at 701 Washington Avenue, Brooklyn, NY. This project was acquired under a no-cash deal where Metrospaces received its equity stake for being the developer, guarantor on the construction loan and additionally bringing in approximately $500,000 in equity financing already paid into the project. The Company is currently in negotiations with several construction lenders and is expecting to begin construction by mid-1st quarter of 2019.
Again, we want to thank all our new shareholders for taking an interest in our story and have given us the chance to be where we are at! We will continue to work very hard to make your investment in our company a success, and have very high expectations for 2017 and beyond!
Metrospaces is a publicly traded real estate investment and Development Company which acquires land, designs, builds, and develops then resells condominiums and Luxury High-End Hotels, principally in urban areas of Latin America. The company's current projects are located in Buenos Aires, Argentina, and Caracas, Venezuela.
Six years ago Metrospaces shareholders saw a unique opportunity to participate in several exciting property markets around the world. Through their worldwide network of highly recognized real estate entrepreneurs, the company was able to capitalize on unique real estate development opportunities. Since inception the company has leveraged those relationships along with extensive financial expertise and transformed excellence by results.
Metrospaces' majority shareholders have partnered with Investors on Elite properties including The London BLVGARI 5 Star Hotel, and are currently involved in negotiations for the development of several Elite luxury properties in South America.
Among Metrospaces’ partners are Architects, Real Estate Developers, Agents and Attorneys of the highest standing, with extensive experience in the global property market.
Ph: (646) 630-0927
Source: Metrospaces, Inc.
Globe Newswire: 12:30 GMT Thursday 6th December 2018
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2018. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 0751938.