CBNY reports nine months net loss of $3.09 million

April 28, 2020

Ciboney Group Limited (CBNY) for the nine months ended February 29, 2020, financial Income declined by 63% to total $16,000 from $43,000 in February 2019. For the third quarter ended February 2020, financial Income fell 99% to $3,000 from $13,000 in the corresponding quarter in 2019.

Group Operating Expenses totaled $3.11 million for the period relative to $3.96 million for the corresponding period in 2019, a 22% decline. Meanwhile for the quarter, the group operating expenses amounted to $1.03 million (2019: $1.58 million).

Operating loss, therefore, totaled $3.09 million for the nine months ended February 2020 (2019: $3.92 million). Likewise, the Company booked an operating loss for the third quarter ended February 2020 of $1.03 million (2019: $1.57 million)

The Company reported net loss after taxation of $3.09 million, this compares with the net loss of $3.92 million booked in 2019.

Net loss per share was 0.57 cents for the period compared with a loss per share of 0.72 cents in 2019. The trailing twelve months loss per a share is 0.14 cents. The number of shares used in the calculations is 546,000,000.  CBNY’s stock price closed the trading period at a price of $0.11 on April 27, 2020.

Balance Sheet at a glance:

Total Assets as at February 29, 2020 amounted to $17.60 million, up from $14.63 million as at February 28, 2019. The main reason for the increase in total asset ‘Cash and Cash Equivalents’ rose 35% to total $11.89 million compared to the $8.82 million reported in 2019.

Shareholders’ Equity amounted to $5.94 million, a decline relative to the $10.20 million reported in 2019. As such, the book per share stood at $0.011 as at as at February 29, 2020 (2019: $0.019).

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