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.


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