March 12, 2020
Expressed in United States Dollars unless otherwise stated
Dolphin Cove (DCOVE) reported total revenue of US$14.87 million, a 0.12% decrease when compared to US$14.89 million booked the year prior. For the quarter total revenues declined by 1% to close the period at US$3.23 million versus $3.27 million in the previous year.
Revenue from Dolphin Attraction contributed US$8.08 million to total revenue; this represents a 2% decline when compared to the US$8.21 million reported in 2018. Revenues from the Ancillary Services totalled US$6.79 million, up by 2% from last year’s US$6.68 million.
Total direct cost for the period totalled US$1.81 million, 8% more than the US$1.67 million reported in 2018. Gross Profit for the period dipped by 1%, amounting to US$13.21 million relative to 2018’s total of US$13.21 million.
Other Income amounted to US$230,662 (2018: US$253,914) for the year ended December 31, 2019. Loss on disposal of live assets totalled $290.75 million (2018: nil) while gain on disposal of property, plant and equipment amounted to US$990 (2018: loss of US$105).
Total Operating Expenses rose marginally by 0.02%, moving from US$10.447 million in 2018 to US$10.449 million in 2019. Of this: selling expenses fell 1% to US$3.88 million (2018: US$3.92 million), other operations rose from US$3.92 million in 2018 to US$4.69 million, while administrative expenses fell 28% to $1.88 million (2018: US$2.60 million).
Operating profit before finance income and taxation closed the year ended December 31, 2019 at US$2.55 million (US$3.02 million), a 16% decrease.
Finance income decreased by 28%, totalling US$93,644 relative to US$130,957 last year.
Finance cost reported a 7% decrease from US$378,717 for the same period in 2018 to US$353,093.
Profit before taxation fell by 17% to US$2.29 million from US$2.77 million. Taxes for the year amounted to US$673,307 (2018: US$433,108).
Net Profit for the period was US$1.61 million, 31% less than the US$2.34 million booked the prior year. Net loss for the fourth quarter amounted to US$509,832 when compared to US$611,610 in 2018.
Earnings per stock (EPS) unit for the twelve months totalled US$0.0041 relative to US$0.006 in 2018, while for the quarter LPS was US$0.0013 (LPS: 2018:$0.0016). The number of shares used in the calculation was 392,426,376. The stock traded at JMD $7.72 as at March 11, 2020.
Balance sheet as at December 31, 2019:-
As at December 31, 2019, the company’s assets totalled US$33.11 million, 2% more than the US$32.32 million reported as at December 31, 2018. The movement was as a result of a US$670,466 increase in ‘Cash and cash equivalents’ which totalled US$1.53 million relative to US$857,090 in 2018.
The company closed the financial period with shareholders’ equity in the amount of US$28.66 million (2018: US$28.82 million). This resulted in book value per share of US$0.073 (2018: US$0.073).
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