April 12, 2021
Expressed in United States Dollars unless otherwise stated
Dolphin Cove (DCOVE) reported total revenue of US$4.28 million, a 71% decrease when compared to US$14.87 million booked the year prior. For the quarter total revenues declined by 79% to close the period at US$668,236 versus US$3.23 million in the previous year.
Revenue from Dolphin Attraction contributed US$2.24 million to total revenue; this represents a 72% decline when compared to the US$8.08 million reported in 2019. Revenues from the Ancillary Services totalled US$2.04 million, down by 70% from last year’s US$6.80 million.
Total direct cost for the period totalled US$782,081, 57% less than the US$1.81 million reported in 2019. Gross Profit for the period dipped by 73%, amounting to US$3.50 million relative to 2019’s total of US$13.05 million.
Other Income amounted to US$367,295 (2019: US$230,662) for the year ended December 31, 2020. Loss on disposal of live assets totalled $81,190 (2019: $290,748).
Total Operating Expenses decreased by 51%, moving from US$10.45 million in 2019 to US$5.10 million in 2020. Of this: selling expenses fell 57% to US$1.66 million (2019: US$3.88 million), other operations fell from US$4.69 million in 2019 to US$2.61 million, while administrative expenses fell 56% to US$820,717 (2019: US$1.88 million).
Operating loss before finance income and taxation closed the year ended December 31, 2020 at US$1.32 million (2019: operating profit of US$2.55 million).
Finance income decreased by 45%, totalling US$51,782 relative to US$93,644 last year.
Finance cost reported a 52% decrease from US$353,093 for the same period in 2019 to US$169,866 for the period under review.
Loss before taxation amounted to US$1.43 million from profit of US$2.29 million in 2019. Tax credit for the year amounted to US$305,219 relative to 2019 tax expense of US$673,307.
Net Loss for the period was US$1.13 million in comparison to Net profit of US$1.61 million booked the prior year. Net loss for the fourth quarter amounted to US$264,859 when compared to net loss of US$509,833 in 2019.
Loss per share (LPS) unit for the twelve months totalled US$0.0029 relative to Earnings per share (EPS) of US$0.0041 in 2019. While for the quarter LPS was US$0.0007 (LPS: 2019:$0.0013). The number of shares used in the calculation was 392,426,376. The stock traded at J$7.52 as at April 9, 2021.
Balance sheet as at December 31, 2020:-
As at December 31, 2020, the company’s assets totalled US$30.36 million, 8% less than the US$33.11 million reported as at December 31, 2019. The movement was as a result of a US$1.15 million decrease in ‘Cash and cash equivalent’ which totalled US$381,395 relative to US$1.53 million in 2019. Additionally, ‘Account receivables’ fell by 53% to end at US$802,432 (2019: US$1.71 million).
The company closed the financial period with shareholders’ equity in the amount of US$26.66 million (2019: US$28.66 million). This resulted in book value per share of US$0.068 (2019: US$0.073).
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