CBNY reports nine months net loss of $4.26 million

Date: April 13, 2021

Ciboney Group Limited (CBNY) for the nine months ended February 28, 2021, financial income declined by 69% to total $5,000 from $16,000 in February 2020. For the third quarter ended February 2021, financial income fell 67% to $1,000 from $3,000 in the corresponding quarter in 2020.

Group operating expenses totaled $4.27 million for the period relative to $3.11 million for the corresponding period in 2020, a 37% increase. Meanwhile, for the quarter, the group operating expenses amounted to $1.92 million (2020: $1.03 million).

Operating loss, therefore, totaled $4.26 million for the nine months ended February 2021 (2020: $3.09 million). Likewise, the Company booked an operating loss for the third quarter ended February 2021 of $1.92 million (2020: $1.03 million)

The Company reported net loss after taxation of $4.26 million, this compares with the net loss of $3.09 million booked in 2020.

Net loss per share was 0.78 cent for the period compared with a loss per share of 0.57 cent in 2020. For the quarter, loss per share amounted to 0.35 cents (2020: LPS of 0.19 cent). The trailing twelve months loss per a share is $1.41. The number of shares used in the calculations is 546,000,000.  CBNY’s stock price closed the trading period at a price of $0.61 on April 12, 2021.

Balance Sheet at a glance:

Total Assets as at February 28, 2021 amounted to $9.88 million, down from $17.60 million as at February 28, 2020. The main reason for the decrease in total asset ‘Cash and Cash Equivalents’ fell 65% to total $4.17 million compared to the $11.89 million reported in 2020.

Shareholders’ deficit amounted to $1.28 million relative to shareholders’ equity of $5.94 million reported in 2020. As such, the shareholders’ deficit per share totalled $0.002 as at February 28, 2021 compared to shareholders’ equity per share of $0.011 booked twelve months earlier.

Disclaimer:

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.

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