CBNY reports year end net loss of $5.09 million

July, 16, 2019

For the year ended May 31, 2019, Ciboney Group Limited (CBNY) reported a decrease in financial income decreased by 97% to total $54,000 from $1.72 million in 2018. For the quarter, the company reported a 72% decline in financial income to $11,000 compared to $39,000 recorded for the fourth quarter of 2018.

No exchange loss was booked for the year relative to a loss of $103,000 for the prior year.

Group operating expenses totalled $4.90 million for the year relative to $10.89 million for the prior year in 2018 a 54% decline.

As a result, CBNY reported net operating loss of $4.86 million, this compares with the operating loss of $9.17 million in 2018. Net operating loss for the quarter amounted to $944,000 versus a loss of $4.94 million for the similar quarter of 2018.

The company reported a “Gain on disposal of land held for sale” and “other income” of $182.27 million and $74.45 million respectively in 2018 relative to nil in 2019.

After taxation of $228,000 (2018: $120,000), the company booked a year end net loss of $5.09 million compared to a profit of $247.42 million. Net loss for the quarter amounted to $1.17 million, down from the net loss of $5.06 million incurred for the corresponding quarter of 2018.

Net loss per share (LPS) was $0.93 cents for the year compared to $45.32 in 2018.  Loss per share for the quarter amounted to $0.19 relative to a LPS of $0.93 for the fourth quarter of 2018. The number of shares used in the calculations is 546,000,000.  CBNY stock price closed the trading period at a price of $0.13 on August 30, 2019.

 Balance Sheet at a glance:

Total Assets as at May 31, 2019 amounted to $13.59 million, down from $18.70 million as at May 31, 2018. The main reason for the decline in total asset was “Cash and Cash Equivalents” which closed at $7.89 million, 39% below the $12.89 million as at May 31, 2018.

Shareholders’ Equity amounted to $9.03 million, a decrease relative to the $14.12 million reported in 2018. As such, the shareholder’s equity per share stood at $0.02 as at May 31, 2019 (2018: $0.03).



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