MPCCEL reports first quarter net loss of US$80,702

June 2, 2021

MPC Caribbean Clean Energy Limited (MPCCEL), for the three months ended March 31, 2021, recorded a total expenses amount of US$80,702. The breakdown for total expenses is:

  • Accountancy fees closed the period at US$4,000 (2020: US$4,400).
  • Administrative fees for the quarter amounted to US$17,443 versus US$28,584 recorded in the prior corresponding quarter.
  • Directors’ fees closed the quarter at US$4,625 (2020: US$4,125) and license fees remain unchanged at US$125 when compared to last year same time.
  • Insurance expenses amounted to US$4,191 (2020: US$656) while bank charges totaled US$907 (2020: US$943).
  • Legal and professional fees were US$16,950 (2020: nil) reported in the prior comparable quarter. While fines and penalties amounted to US$31,696 (2020: nil).

Total loss for the period was reported at US$80,702 relative to loss of US$39,208 reported for the same period last year.

Consequently, loss per share (LPS) for the three months period amounted to US$0.004 (LPS 2020: US$0.002). The trailing twelve-month LPS is US$0.008. The number of shares used in this calculation was 21,666,542 units. MPCCEL and MPCCELUS price closed the trading period at a price of J$127 and US$0.99 on June 01, 2021, respectively.

Balance sheet at a Glance:

Total Assets as at March 31, 2021 closed at US$29.69 million relative to US$19.92 million booked in 2020. This increase was due to an upward movement of ‘Investments-MPC Caribbean Clean Energy Fund LLC’ amounting to US$19.23 million (2020: US$9.91 million), reflecting a 94% year over year increase.

Shareholder’s equity totaled US$19.59 million, 1% decrease when compared to US$19.77 million booked in the prior year. This resulted in a book value per share of US$0.90 compared to US$0.91 booked last year.


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