May 15, 2020
Caribbean Assurance Brokers (CABROKERS), for the three months ended March 31, 2020, reported revenue of $70.10 million compared to the $74.91 million booked for the corresponding period in the prior year, a 6% decrease. This was mainly due to, “foreign exchange gain which declined by $4.44 million,” according to CABROKERS.
Other operating income totalled $12.42 million (2019: $16.98 million) for the three months ended March 31, 2020. As such, total operating income amounted to $82.51 million (2019: $91.89 million) for the twelve months ended March 31, 2020. The Company noted, “the decline in overall commission income was the result of a 2% reduction in International Health Commission rate, and adjustments in the economy due to the sudden advent of the COVID-19 Pandemic.”
Total operating expenses totalled $84.88 million for the three months ended March 31, 2020, representing a slight decrease of 2% on the $86.72 million recorded in the prior year. Of this, Administrative expenses amounted to $55.85 million, 11% lower when compared to the $62.60 million in the same quarter of 2019. Selling expenses recorded an increase of 20% for the three months, totalling $29.02 million (2019: $24.12 million).
Operating loss, therefore, amounted to $2.36 million for the three months ended March 31, 2020 relative to an operating profit of $5.17 million the prior comparable quarter.
Finance cost increased to total $1.34 million (2019: $959,289).
Consequently, loss before taxation amounted to $3.70 million compared to a profit of $4.21 million in 2019. After incurring tax charges of $939,569 (2019: nil), net loss amounted to $4.64 million, compared to a net profit of $4.21 million in the prior corresponding period.
Total comprehensive loss amounted to $4.64 million compared to a total comprehensive income of $4.21 million recorded twelve months earlier.
Loss per share (LPS) closed the period at $0.02 relative to an earnings per share of $0.02 the prior year. Twelve months trailing EPS amounted to $0.11. The total number of shares used in the computation amounted to 262,500,000 units. Notably, CABROKERS closed the trading period on May 15, 2020 at a price of $2.32.
Balance Sheet Highlights:
As at March 31, 2020, the Company’s assets totalled $515.22 million (2019: $367.07 million), 40% more than its value as at March 31, 2019. This was due to a 23% increase in ‘Property, plant and equipment’ which amounted to $235.28 million (2019: $191.80 million). ‘Cash and cash balances’ and ‘receivables’ also increased to close at $139.03 million (2019: $46.04 million) and $115.29 million (2019: $111.77 million), respectively.
Total Shareholders’ Equity totalled $296.21 million (2019: $133.60 million), which translated to a book value of $1.31 per share (2019: $0.51).
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