August 14, 2023
GWEST Corporation Limited (GWEST) for the first quarter ended June 2023 reported a 14% increase in revenue totaling $49.29 million compared to $43.41 million in the corresponding three months last year.
Cost of Sales amounted to $26.29 million (2022: $20.51 million), this represents an increase of 28% year over year. Consequently, gross profit marginally increased to $23.00 million compared to $22.90 million for the first quarter ended June 2022.
Other gains or losses increase by 396% to close at $119,000 (2022: $24,000), while Administrative Expenses increased by 21% from $25.22 million in 2022 to $30.47 million for the three months under review. As a result, Operating Loss for the first quarter amounted to $7.35 million relative to $2.30 million reported in 2022.
Interest Income for the three months amounted to $6,000 (2022: loss of $3,000). Finance Costs totaled $4.77 million, a 43% decrease from the corresponding period last year (2022: $8.40 million).
There were no taxes incurred during the period under review. As such, Net Loss for the Three months grew 13% to reach $12.12 million (2022: $10.69 million).
Consequently, Loss Per Share for the Three months amounted to $0.022 (2022: LPS: $0.025). The twelve-month trailing EPS was $0.001, and the number of shares used in these calculations was 484,848,485. Notably, GWEST’s stock price closed the trading period on August 14, 2023 at a price of $0.94 with a corresponding P/E ratio of 627.77x.
Balance Sheet Highlights
The company’s assets totaled $1.42 billion (2022: $1.67 billion). This decline was particularly due to a 21% decrease in ‘Investment Property’ to close $677.83 million (2022: $856.34 million).
Shareholder’s equity was $704.44 million (2022: $703.72 million), representing a book value per share of $1.45 (2022: $1.45).
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