CBNY reported net profit of $247.42 million for their year end

Date: August 31, 2018

Ciboney Group Limited (CBNY) presented the audited results for the year ended May 31, 2018 which higlighted financial income for the period totalled $1.72 million up from the $154,000 reported for the comparable quarter in 2017. Financial income for the quarter amounted to $39,000, a gross increase of 88% relative to the $20,000 reported for the same quarter in 2017.

An exchange loss of $103,000 was realized for the period relative to $210,871 gain for the corresponding period in 2017.

Other expenses for the period totalled $10.76 million, relative to $5.43 million in 2017. As such, group operating expenses totalled $10.89 million for the year ended May 31, 2018 relative to $5.21 million (partially offset by $210,871 in exchange gains) reported for the corresponding period in 2017, a 109% increase.

Notably, the Company reported a gain from the sale of property amounting to $182.27 million and reported a total of $74.45 million for Other income for the period under review. This represented forgiven debt which was settled during the year.

Consequently, the Company reported net profit of $247.42 million, a surge when compared with the loss of $5.24 million reported in 2017 due to property sale and other income mentioned above. Net loss for the quarter amounted to $9.26 million relative to the loss of $2.11 million reported for the prior quarter in 2017.

Earnings per share was 45.32 cents for the year ended May 31, 2018 (2017: loss per share of 0.96 cents) while the loss per share for the quarter was 1.70 cents (2017: 0.39 cents). The number of shares used in the calculations is 546,000,000. CBNY stock price closed the trading period at a price of $0.11 on August 30, 2018.

Balance Sheet at a glance:

Total assets as at May 31, 2018 amounted to $18.69 million, down 65% from the $52.99 million as at May 31,2017. The Company also reported $12.89 million in ‘Cash and Cash equivalents’.

Shareholders’ equity amounted to $14.12 million, an improvement relative to the $47.66 million deficit reported in 2017. As such, the shareholder’s equity per share stood at $0.03 as at May 31, 2018.

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