CBNY reports six months loss of $2.55m

Date: January 15, 2018

Ciboney Group Limited (CBNY), for the quarter ended November 30, 2017, reported an 87% decline in financial income to total $14,000 from $105,000 in November 30, 2016.

An exchange loss of $103,000 was realized relative to $159,000 gain for the corresponding period in 2016. Other operating expense for the period amounted to $2.46 million , 1% above last year’s $2.43 million.

Group Operating Expenses totalled $2.56 million as at November 30, 2017 relative to $2.27 million for the corresponding period in 2016 a 13% increase.

The company reported net loss before taxation of $2.55 million, this compares with the loss of $2.17 million in 2016. Net loss for the quarter amounted to $1.44 million, relative to a loss of $1.04 million reported for November 2016.

Net loss per share (LSP) was 0.26 cents for the quarter ended November 30, 2017 (2016: loss per share of 0.19 cents). The loss per share for the six months amounted to 0.47 cents versus a LPS of 0.40 cents. The trailing twelve months loss per a share is $0.01 cents. The number of shares used in the calculations is 546,000,000.  CBNY stock price closed the trading period at a price of $0.35 on  January 15, 2018.


Balance Sheet at a glance:

Total current assets as at November 30, 2017 amounted to $50.22 million, down from $55.81 million as at November 30, 2016. The main reason for the decline in total asset was Resale Agreement. Resale Agreement for the year contracted 92% compared to the  $6.02 million reported in 2016.

Shareholders’ Deficit amounted to $50.21 million, an increase relative to the $44.59 million deficit reported in 2016. As such, the shareholder’s deficit per share stood at 9.2 cents as at November 30, 2017 (2016: 8.17 cents).


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