November 14, 2024
GWEST Corporation Limited(GWEST)
Unaudited financials for the six months ended September 30, 2024:
GWEST Corporation Limited (GWEST) for the six months ended September 30, 2024 reported a 25% increase in Revenue totaling $126.90 million compared to $101.72 million in the corresponding period last year. Revenue for the second quarter had a 35% increase to close at $70.70 million compared to $52.43 million for the comparable quarter of 2023.
Cost of Sales amounted to $87.76 million (2023: 78.02 million), this represents a increase of 12% year over year. Consequently, gross profit increased by 65% to $39.14 million compared to $23.71 million for the six months ended September 30, 2023. The company booked gross profit of $25.31 million for the second quarter versus $9.44 million reported for the similar quarter of 2023.
Other gains increased by 24% to close at $393,000 (2023: $318,000), while Administrative Expenses increased by 6% from $38.12 million in 2023 to $40.39 million in the period under review. As a result, operating loss for the Year to date ended September 30, 2024 amounted to $856,000, a 94% increase relative to $14.09 million loss reported in 2023.
Finance Costs totaled $18.65 million a 24% increase from the corresponding period last year. (2023: $15.04 million).
No taxation was reported for the six months ended September 30, 2024. As such Net Loss for the six months amounted to $19.51 million, a 33% increase from the $29.13 million reported in 2023. For the second quarter, Net Loss was $3.82 million (2023: $17.10 million).
Consequently, Loss Per Share for the six months amounted to $0.04 (2023: LPS: $0.06), while Loss Per Share for the quarter totaled $0.01 (2023: LPS: $0.04). The twelve month trailing LPS was $0.01 and the number of shares used in these calculations was 484,848,485.
Balance Sheet Highlights
The company’s assets totaled $1.72 billion (2023: $1.57 billion). The movement in total assets was mainly influenced by $136.62 million increase in ‘Right of use assets’ which closed at $323.46 million (2023: $186.84 million).
Shareholder’s equity was $683.54 million (2023: $687.44 million), representing a book value per share of $1.41 (2023: $1.42).
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