May 16, 2023
Dolphin Cove Limited (DCOVE) for the three months ended March 31, 2023:
Total revenue increased 89% to US$4.85 million (2022: US$2.56 million). Of this:
- Dolphin attraction revenue increased 100% to US$2.63 million (2022: US$1.32 million)
- Ancillary services revenue increased 78% to US$2.22 million (2022: US$1.25 million).
Total direct costs increased 100% to US$539,696 (2022: US$269,715). Consequently, gross profit improved 88% to US$4.31 million (US$2.29 million).
Total operating expenses increased 57% to US$2.43 million (2022: US$1.55 million). The increase was primarily due to a 117% increase in administrative expenses, which amounted to US$646,949 (2021: US$297,866) and a 82% increase in selling expenses to US$931,198 (2022: US$511,058).
Finance income rose 52% to US$44,926 (US$29,465), while finance cost increased 237% to US$189,809 (2022: US$56,360).
Profit before taxation increased 127% to US$1.77 million (2022: US$781,143). After taxes of US$201,803 (2022: tax credit of US$14,411), net profit increased 98% to US$1.57 million (2022: US$795,554).
Earnings per share (EPS) amounted to US$0.004 (2021: US$0.002). The number of shares used in the calculation was 392,426,376 units. The stock traded at J$15.29 as at May 15, 2023 with a corresponding P/E ratio of 10.62x.
Balance Sheet Highlights:
Total assets, as at March 31, 2023, increased 3% to US$33.63 million (2022: US$32.63 million) due largely to a massive jump in ‘Investments’, which grew to US$1.01 million (2022: US$2,132).
Shareholders’ equity, as at March 31, 2023, increased 6% to US$28.69 million (2022: US$26.97 million). This resulted in a book value per share of US$0.073 or J$11.03 (2022: US$0.069, J$10.57).
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