DCOVE reports 23% increase in Net Profits

Date: March 2, 2018

 

DCOVE Limited, for the twelve months ended December 31, 2017, reported total Revenue of US$16.63 million, a 9% increase when compared to US$15.26 million booked the year prior.

Revenue from Dolphin Attraction contributed US$9.14 million to Total Revenue; this represents a 4% increase when compared to the US$8.81 million reported in 2016.  Revenues from the Ancillary Services totalled US$7.50 million, up by 16% from last year’s US$6.50 million.

Total direct cost for the period totalled US$1.64 million, this was 45% more than the US$1.13 million reported in 2016. Gross Profit for the period increased by 6%, amounting to US$14.99 million relative to 2016’s total of US$14.13 million.

Total Operating Expenses also increased, by 2%, moving from US$10.70 million in 2016 to US$10.93 million.  This increase was primarily due to a 6% increase in Administration which amounted to US$2.68 million (2016: US$2.53 million) and a 4% increase in Selling Expense which totaled US$4.57 million relative to US$4.41 million. Other Operations amounted to US$3.68 million (2016: US$3.77 million).

Finance Income declined by 75%, totalling US$43,279 relative to US$172,394 last year.

Finance Cost reported a 10% decline from US$307,943 for the same period in 2016 to US$277,141.

Profit before Taxation grew by 20% to US$3.94 million from US$3.29 million. Taxes for the period were US$405,000.

Net Profit for the period was US$3.53 million, 23% more than the US$2.86 million booked the prior year.

Earnings per stock unit for the twelve months totaled US$0.009 relative to US$0.007 in 2016. The number of shares used in the calculation was 392,426,376. The stock traded at JMD$17.00 as at March 1, 2018.

Balance sheet as at December 31, 2017:-

As at December 31, 2017, the company’s assets totaled US$29.58 million, 1.3% more than the US$29.2 million reported as at December 31, 2016. The was as a result of a $638,815 increase in property, plant, and equipment which totaled US$20.93 million relative to nil in 2016.

The company closed the financial period with shareholders’ equity in the amount of US$26.44 million (2016: US$25.44 million). This resulted in book value per share of $0.07 (2016: $0.06).

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2018-03-02T20:37:57+00:00