May 15, 2024
Expressed in United States dollars unless otherwise stated:
Dolphin Cove Limited (DCOVE) for the first quarter ended March 31, 2024, reported a 1% increase in total revenue totalling $4.90 million compared to $4.85 million in the corresponding three months last year. Management noted that revenue generation for the quarter was hindered by unusual weather conditions which resulted in 30 cancelled cruise ship calls which represented an estimated revenue loss of US$250,000.
Direct costs amounted to $553,505 (2023: $539,696), this represents an increase of 3% year over year. Consequently, gross profit increased by 1% to $4.35 million compared to $4.31 million for the first quarter ended March 31, 2023.
Selling expenses increased by 14% to close at $1.06 million (2023: $931,198), while administrative expenses increased by 5% from $646,949 in 2023 to $678,181 for the three months period under review. As a result, Total Expenses for the first quarter amounted to $2.73 million, a 12% increase relative to $2.43 million reported in 2023.
Profit before finance income and costs for the three months amounted to $1.76 million, an 8% decline relative to $1.92 million reported in 2023.
Pre-tax profit for the first quarter amounted to $1.68 million, a 6% decrease relative to $1.77 million reported in 2023.
Taxation for the three months was $295,499 (2023: $201,830). Net Profit for the three months amounted to $1.38 million, a 12% decrease from the $1.57 million reported in 2023.
Consequently, Earnings Per Share for the three months amounted to $0.0035/J$0.54 (2023: EPS: $0.004/J$0.61). The twelve-month trailing EPS was J$1.13, and the number of shares used in these calculations was 392,426,376.
Notably, DCOVE’s stock price closed the trading period on May 15, 2024, at a price of $20.34 with a corresponding P/E ratio of 18.00x.
Balance Sheet Highlights
The company’s assets totalled $37.95 million (2023: $33.63 million). This resulted from a 24% rise in ‘property, plant & equipment’ closing at $26.34 million.
Shareholder’s equity was $31.79 million (2023: $28.69 million), representing a book value per share of $0.08/J$11.03 (2023: $0.07/J$12.53).
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