Margaritaville (Turks) Limited (MTL), for the six months ended November 30, 2017 recorded a decrease in revenues by 20% for the period to US$2.25 million ( 2016: US$2.82 million). For the second quarter, MTL booked a 68% decline in revenue to US$390,044 compared to US$1.20 million for the comparable period in 2016. MTL noted, “The location experienced two Category 5 Hurricanes during the early days of September, days apart.”

Cost of sales (COS) also decreased by 21% for the period to US$590,004  (2016: US$747,164) which resulted in COS margin of 26% the same as last year. The company stated, “The management team has done a great job in containing the exposure to product loss from spoilage as a result of the loss of electricity associated with the Hurricane.

As a result, gross profit fell year-on-year for the six month period by 20%, from the US$2.07 million reported as at November 2016 to US$1.66 million. Gros profit for the quarter totaled US$283,843 (2016: US$872,969)

Total expenses decreased by 24% for the period in review to US$1.43 million (US$2016: US$1.89 million). This difference was associated with a 28% decline in administrative expenses to US$1.17 million compared to US$1.63 million in 2016.

Consequently, operating profit within the six months grew by 31% to US$233,744 (2016: US$178,120). Operating loss for the second quarter totaled US$62,667 versus a loss of US$63,635 in 2016. Total comprehensive income for the six months amounted US$233,744 (2016: US$178,120), while for the quarter MTL’s total comprehensive loss amounted to US$62,725 relative to a loss of US$63,810 million the previous year.

The six-months earnings-per-share was US$0.0035 compared to US$0.0026, while the loss per share for the quarter amounted to US$0.001 (2016: US$0.001). The twelve months earnings per share amounted to US$0.008 The number of shares used in our calculations was 67,500,000. MTL closed the trading period on January 15, 2018 at US$0.20

Balance Sheet Highlights:  

The company, as at November 30, 2017, recorded total assets of US$4.72 million.

Total Stockholders’ equity as at November 30, 2017 closed at US$3.96 million. This resulted in a book value of US$ 0.0586.

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