CBNY reports year end net loss of $5.83 million

July 14, 2020

For the year ended May 31, 2020, Ciboney Group Limited (CBNY) reported a 65% decrease in financial income to total $19,000 from $54,000 in 2019. For the quarter, the company reported a 73% decline in financial income to $3,000 compared to $11,000 recorded for the fourth quarter of 2019.

Group operating expenses totalled $5.85 million for the year relative to $4.92 million for the prior comparable period, a 19% increase.

As a result, CBNY reported net operating loss of $5.83 million, this compares with the operating loss of $4.86 million in 2019. Net operating loss for the quarter amounted to $2.74 million versus a loss of $927,000 for the similar quarter of 2019.

There was no taxation charge for 2020 (2019: $228,000), thus the company booked a year end net loss of $5.83 million compared to a loss of $5.09 million. Net loss for the quarter amounted to $2.74 million, a deterioration from the net loss of $1.05 million incurred for the corresponding quarter of 2019.

Net loss per share (LPS) was 1.07 cents for the year compared to $0.93 cent in 2019. Loss per share for the quarter amounted to 0.50 cent relative to a LPS of 0.19 cent for the fourth quarter of 2019. 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 July 13, 2020.

Balance Sheet at a glance:

Total Assets as at May 31, 2020 amounted to $14.79 million, up from $13.59 million as at May 31, 2019. The main reason for the increase in total asset was ‘Cash and Cash Equivalents’ which closed at $9.08 million, 15% above the $7.88 million as at May 31, 2019.

Shareholders’ Equity amounted to $3.20 million, a 65% decrease relative to the $9.03 million reported in 2019. As such, the book value per share stood at $0.01 as at May 31, 2020 (2019: $0.02).

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