DCOVE reported a 13% increase in net profits for nine month ended September 2017


For the nine months ended September 30, 2017:-

Dolphin Cove (DCOVE) reported Total Revenue of US$13.03 million, an 8% increase when compared to US$12.04 million booked the year prior. Total Revenue for the quarter amounted to US$4.37 million (2016: US$3.93 million). According to the company “In the three-month period of 2017 revenue was up by 11% compared to the three-month period of the prior year and this was assisted by the arrival of cruise ships diverted from other destinations as a result of Hurricane Irma in 2017.The number of visitors to our parks increased by 3% over the prior nine-month period.”

Revenue from Dolphin Attraction contributed US$7.35 million to Total Revenue; this represents a 5% increase when compared to the US$6.99 million reported in 2016.  Revenues from the Ancillary Services totalled US$5.68 million, up by 13% from last year’s US$5.04 million.

Total direct cost for the period totalled US$736,361, this was 4% more than the US$707,93 million reported in 2016. Gross Profit for the period increased by 9%, amounting to US$12.29 billion relative to 2016’s total of US$11.33 billion.

Total Operating Expenses also increased, by 5%, moving from US$7.42 million in 2016 to US$7.82 million.  This increase was primarily due to a 10% increase in Other Operations which amounted to US$2.63 million (2016: US$2.39 million). Selling Expense totaled US$3.26 million relative to US$3.16 million, while Administrative Expense amounted to US$1.93 million (2016: US$1.88 million).

Finance Income declined by 7%, totalling US$241,592 relative to US$259,000 last year.

Finance Cost reported a 12% increase from US$253,529 for the same period in 2016 to US$284,924.

Profit before Taxation grew by 14% to US$4.44 million from US$3.91 million. Taxes for the period were US$315,619.

Net Profit for the period was US$4.12 million 13% more than the US$3.63 million charged the prior year. Net profit for the quarter amounted to US$1.52 million (2016: US$902,679)

Earnings per stock unit for the nine months totaled US$0.011 relative to US$0.009 in 2016. EPS for the quarter amounted to US$0.0039 relative to US$0.0023 in 2016. The trailing twelve-month EPS amounted to U$0.0085. The stock traded at JMD$17.55 as at November 15, 2017. The number of shares used in the calculation was 392,426,376.

Balance sheet as at September 30, 2017:-

As at September 30, 2017, the company’s assets totaled US$31.04 million, 6% more than the US$29.30 million reported as at September 30, 2016. The was as a result of a 36% increase in Cash and Cash Equivalent which totaled US$2.47 million (2016: US$1.81 million).

The company closed the financial period with shareholders’ equity in the amount of US$27.75 million (2016: US$26.29 million). This resulted in book value per share of $0.071 (2016: $0.067).




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