February 15, 2024
MFS Capital Partners Limited (MFS) for the six months ended December 31, 2023, reported a 98% decrease in Revenue totalling $360,600 compared to $14.59 million in the corresponding period last year. Revenue for the second quarter had a 97% decrease to close at $63,600 compared to $2.03 million for the comparable quarter of 2022.
Other operating income increased by 53% to $4.55 million compared to $2.97 million for the six months ended December 31, 2022. The company booked Other operating income of $1.77 million for the second quarter versus $2.97 million reported for the similar quarter of 2022.
Administrative expenses increased by 113% from $10.55 million in 2022 to $22.53 million in the period under review. As a result, operating loss for the six months ended December 31, 2023, amounted to $17.63 million, relative to operating profit of $7.01 million reported in 2022.
Finance costs for the six months ended December 31, 2023, amounted to nil, relative to $230,000 reported in 2022. Finance costs for the second quarter amounted to nil (2022: $80,000).
Loss before taxation totalled $17.63 million, (2022: Pre-tax profit of $6.78 million).
Taxation for the six months ended December 31, 2023, amounted to nil, relative to $892,277 reported in 2022.
Consequently, Net loss for the six months ended December 31, 2023, was $17.63 million (2022: Net profit of $5.88 million). For the second quarter, net loss was $9.24 million (2022: net profit of $524,763).
Consequently, Loss Per Share for the six months amounted to $0.044 (2022: EPS: $0.015), while Loss Per Share for the quarter totalled $0.023 (2022: EPS: $0.001). The twelve-month trailing LPS was $0.04, and the number of shares used in these calculations was 400,000,000.
Notably, MFS’s stock price closed the trading period on February 13, 2024, at a price of $1.93.
Balance Sheet Highlights
The company’s assets totalled $56.68 million (2022: $52.60 million). The movement in total assets was mainly attributable to ‘Due from related parties’ increasing 36% to $38.46 million (2022: $28.26 million), while ‘Receivables’ trended downwards by 97% to close at $256,321 (2022: $8.53 million).
Shareholder’s deficit was $44.45 million (2022: $29.73 million), representing shareholder’s deficit per share of $0.11 (2022: shareholders deficit per share of $0.07).
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