DCOVE posts 7% decrease in six months net profit

Dolphin Cove Limited (DCOVE) for the six months ended June 30, 2017 reported Total Revenue of US$8.66 million, a 6% increase when compared to US$8.20 million booked the year prior. Revenue from dolphin attraction contributed US$4.91 million to total revenue, a 2% increase when compared to the US$4.80 million reported in 2016, while revenues from the ancillary services totalled US$3.75 million, up 10% from last year’s US$3.40 million. total revenue for the quarter amounted to US$4.37 million (2016: US$4.05 million), with Dolphin Attraction and Ancillary Service contributing US$2.49 million (2016: US$2.38 million) and US$1.88 million (2016: US$1.67 million) respectively. DCOVE noted, “the Island received 2.1 Million visitors between January and June of this year (2017), an increase of 3.9% over the same period last year. This along with good local support, thanks to our new North South Highway, resulted in increased revenues of 6% for the first two quarters.”

Direct costs of sales for the period totalled US$472,400 million, 8% more than the US$436,734 million reported in 2016. As such, net revenue for the six months amounted to US$8.18 million (2016: US$7.77 million). DCOVE for the second quarter booked net revenue of US$4.12 million.

Other income for the period amounted to US$1,484 compared to US$436 a year earlier.

Total operating expenses for the six month increased, moving from US$4.85 million in 2016 to US$5.334 million. Of this;

  • Selling expenses increased by 7% to total US$2.17 million relative to US$2.03 million.
  • Other operations totalled US$1.85 million, 14% more than US$1.62 million recorded the prior year.
  • Administrative expenses grew by 8% to total US$1.31 million compared to US$1.21 million in 2016.


DCOVE indicated, “during this quarter the Group made capital expenditures of US$0.2 million for the several improvements to the facilities of the Parks which is expected to have a positive impact on our performance going forward.”

Finance income decreased by 39% totalling US$151,690 relative to US$250,131 million last year. The company’s finance cost increased by 23% from US$160,288 for the same period in 2016 to US$197,787.

Profit before tax fell by 6% to US$2.81 million from US$3 million. Tax charges for the period were US$211,200 (2016: US$196,096).

Profit for the period was US$2.60 million a 7% decline on the US$2.81 million booked the prior year. Profit for the second quarter also decline, moving from US$1.33 million in 2016 to US$1.21 million.

Earnings per stock unit for the six months totalled US$0.0066 relative to US$0.0071 in 2016, while EPS for the quarter amounted to US$0.0031 relative to US$0.0034 in 2015. The trailing twelve months EPS amounted to US$0.0068.


Balance sheet as at June 30, 2017:-

The company’s assets totalled US$30.72 million, 7% more than the US$29.88 million reported as at June 30, 2016. This was as a result of a 37% increase cash and cash equivalents which closed the period at US$2.55 million, relative to US$1.85 million a year ago.

The company closed the financial period with shareholders’ equity in the amount of US$2.94 million (2016: US$2.72 million). The increase was due to a growth in retained earnings from US$11.66 million to US$12.52 million. The company now has a book value per share of US$0.068 (2016: US$0.066).



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