May 14, 2021
Everything Fresh (EFRESH) for the three months ended March 31, 2021, reported total revenues of $195.57 million, a 60% decline from the $489.23 million reported for the same quarter period in 2020.
Cost of sales for the period decreased 63% to $151.31 million relative to the $414.41 million booked the corresponding period in 2020. As such, gross profit for the quarter amounted to $44.26 million, a 41% reduction from the $74.82 million reported in 2020.
The Company reported other operating income of $732,000 for the quarter, which was 26% less than the $993,000 reported for the corresponding period last year.
First quarter total operating expenses decreased 14% to total $67.28 million versus $78.27 million documented for the prior year’s comparable quarter in 2020. The overall decline was due to 9% reduction in administrative expenses which closed at $64.51 million (2020: $70.64 million), while selling and promotional expenses closed at $2.77 million (2020: $7.63 million).
As such, the Company booked an operating loss of $22.29 million, relative to a loss of $2.45 million recorded for the same quarter of 2020. Finance costs totalled $5.32 million (2020: $8.41 million).
EFRESH reported loss before tax of $27.61 million compared to loss before tax of $10.87 million booked for 2020’s first quarter. No taxes were incurred for the quarter, resulting in a net loss of $27.61 million versus a net loss of $10.87 million in March 2020.
Consequently, loss per share for the period amounted to $0.035 (2020: LPS 0.014). The trailing twelve months Loss per share is $0.25. The total amount of shares outstanding used for this calculation was 780,000,000 units. Notably, EFRESH closed the trading period on May 13, 2021 at a price of $1.10.
EFRESH highlighted, “There are positive signs that the hotel sector is beginning to recover as the recently concluded Easter period reflected an increase in arrivals and occupancy. It is expected that by summer the majority of US citizens will be fully inoculated against the Covid-19 virus and hotel occupancy in Jamaica is expected to rise significantly in the second half of 2021.”
Balance Sheet at a glance:
As at March 31, 2021, total assets amounted to $709,961 million, 33% less than last year’s $1.06 billion. This was due mainly to a 43% decline in ‘Inventories’ which closed at $225.32 million (2020: $393.81 million).
Shareholder’s Equity decreased by 37% year over year to $331.02 million compared to the previous year’s total of $528.90 million, this resulted in a book value per share of approximately $0.42 relative to $0.68 in 2020.
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