Ciboney Group Limited (CBNY) for the nine months ended February 28, 2018 reported Financial income for the period increased by 1151% to total $1,676 million up from the $134,000 reported for the comparable quarter in 2017. Financial income for the quarter amounted to $1.66 million, a gross increase of 5836% relative to the $28,000 reported for the same quarter in 2017.
An exchange loss of $103,000 was realized for the period relative to $159,000 gain for the corresponding period in 2017.
Other expenses for the period totalled $5.78 million, relative to $3.43 million in 2017. As such, group operating expenses totalled $5.88 million for the nine months ended February 28, 2018 relative to $3.27 million reported for the corresponding period in 2017 an 80% increase.
Notably, the Company reported a gain from the sale of property amounting to $182.24 million and reported a total of $74.45 million for debt forgiven for the period under review.
Consequently, the Company reported net profit of $252.48 million, a surge when compared with the loss of $3.13 million reported in 2017.
Net profit per share was 46.24 cents for the nine months ended February 28, 2018 (2017: loss per share of 0.57 cents). The trailing twelve months earnings per a share is $0.46 cents. The number of shares used in the calculations is 546,000,000. CBNY stock price closed the trading period at a price of $0.12 on April 6, 2018.
Balance Sheet at a glance:
Total current assets as at February 28, 2018 amounted to $205,896, up from $54.97 million as at February 28, 2017. The main contributors for the growth in total asset was a surge in cash and cash deposits to $200.10 million.
Shareholders’ equity amounted to $204.82 million, an increase relative to the $47.66 million deficit reported in 2017.As such, the shareholder’s equity per share stood at $0.37 as at February 28, 2018 (2017: shareholder’s deficit $0.08).
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.