DCOVE reports 6% decline in net profits for the first quarter of 2017

Dolphin Cove Limited (DCOVE) reported total revenues of US$4.29 million, a 3% increase when compared to the US$4.15 million booked the year prior. Revenue from Dolphin Attraction contributed US$2.423 million to Total Revenue; this represents a 0.1% decline when compared to the US$2.421 million reported in 2016. Revenues from the Ancillary Services totaled US$1.86 million, up from last year’s US$1.73 million. DCOVE noted, “Since Easter fell in to the second quarter of 2017 and the first quarter of 2016, this year’s first quarter of 2017 did not benefit from the usual significant spike in revenue during the Easter season. Despite this, revenues for Q1 2017 were above Q1 2016.”

Gross Profit amounted to US$4.07 million, increasing by 3% from the US$3.94 million reported in 2016, as Total Direct Costs increased 6%, to US$221,839 million (2016: US$209,862).

Total Operating Expenses increased by 7%, moving from US$2.37 million for 2016 to US$2.53 million in 2017. This increase was driven by following movements:-

• Selling Costs increased by 3% to US$1.08 million (2016: US$1.04 million).
• Other Operations Expenses moved to US$819,350 from US$760,227.
• Administrative Expenses increased by 12% to total US$634,213 (2016: US$564,154).

Profit before Finance Income and Cost amounted to US$1.54 million, a 2% decline from the US$1.57 million recorded for 2016. Finance Income totaled US$65,942 relative to US$69,392 recorded the year prior, while Finance Cost grew by 29% to amount to US$101,294 in 2017 ($2016: US$78,760).

Profit before Taxation decline by 4% to US$1.5 million from US$1.56 million, while Net Profit amounted to US$1.39 million (2016: US$1.48 million), a 6% decline year over year due to a tax charges of US$107,583 (2016: US$83,255).

As such, EPS was calculated at US$0.0035 (2016: US$0.0038). The twelve month trailing EPS amounted to US$0.007. The number of shares used in our calculations is 392,426,376.

Balance Sheet at a glance:-

As at March 31, 2017, assets totaled US$31.3 million, a 20% increase when compared with its balance of US$26.19 million recorded a year prior.

Shareholders’ equity amounted to US$26.83 million (2016: US$22.83 million), resulting in a book value per share of US$0.07 (2016: US$0.06)


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