CBNY reports year end net loss of $6.52 million

October 8, 2020

  • Ciboney Group Limited (CBNY) for the year ended May 31, 2020 reported total revenue of $18,435 relative to $54,435 reported for the prior financial year. Revenue for the last quarter reported an 82% decline to $2,000 compared to $11,000 recorded for the fourth quarter of 2019.
  • Administrative and general expenses closed the year at $6.54 million, a 33% growth from the $4.92 million recorded in 2019. Within the quarter, the group’s administrative expenses were up by 192% to close at $2.74 million (2019: $938,000).
  • Loss before taxation closed the period under review at $6.52 million (2019: $4.86 million). While, loss before taxation for the quarter amounted to $2.74 million versus a loss of $927,000 for the similar quarter of 2019.
  • No taxes were incurred for the financial year and Net Loss closed at $6.52 million, 28% more than the $5.09 million for 2019. However, for the quarter, net loss amounted to $2.74 million versus $1.05 million booked twelve months earlier.
  • As such, loss per share (LPS) for the year amounted to $0.012 (2019: $0.009). LPS for the fourth quarter amounted to $0.01 (2019: $0.002). The number of shares used in our calculations is 546,000,000. CBNY last traded on October 7, 2020 at a price of $0.15.

Balance Sheet at a Glance:

  • CBNY posted total asset of $14.80 million, 9% more than the $13.59 million booked as at May 31, 2019. The increase was mainly attributable to a 15% increase in ‘Cash and Cash Equivalents’ which closed at $9.08 million compared to $7.88 million in the previous comparable year.
  • Shareholder’s equity closed at $2.98 million relative to the $9.50 million reported last year. As such, book value per share was $5.46 (2019: $17.41).



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