FIRST Rock Real Estate Investments returned to profit in 2025 after rental income surged and property values climbed. But the real estate company is still burning cash, restructuring debt and depending heavily on luxury home sales to support liquidity.

The company reported net profit attributable to shareholders of US$3,327 for the year, reversing a US$8.89-million loss a year earlier as rental income jumped 663 per cent to US$1.23 million and investment property revaluations added another US$4.44 million to earnings.

The sharp increase in rental income reflects First Rock’s strategic shift towards stabilised commercial and income-producing real estate assets as the company attempts to reduce reliance on one-off development sales. Beneath the profit recovery, however, the financial statements reveal continuing strain on cash flow. Operating activities consumed US$5.84 million during the year while interest expense nearly doubled to US$1.73 million. The company also remains in discussions with creditors to refinance short-term debt and secure additional funding as elevated interest rates continue driving up financing costs across the real estate sector. Without the property revaluation gains First Rock would have remained under significant earnings pressure.