KLE reports six months net loss of $13.08 million

August 19, 2024

K.L.E. GROUP LIMITED (KLE)

Unaudited financials for the six months ended June 30, 2024:

K.L.E. GROUP LIMITED (KLE) for the six months ended June 30, 2024, reported a 100% decrease in Other operating Income totaling $1,000 compared to $54.01 million in the corresponding period last year. Other operating Income for the second quarter had a 100% decrease to close at $0 compared to $54.00 million for the comparable quarter of 2023.

Administrative and Other Expenses amounted to $10.82 million (2023: $46.99 million), this represents a decrease of 77% year over year. Consequently, loss from operation closed at $10.82 million compared to the profit from operations of $7.02 million for the six months ended June 30, 2023. The company booked loss from operation of $4.56 million for the second quarter versus $19.40 million profit from operation reported for the similar quarter of 2023.

Finance costs decreased by 15% to close at $4.96 million (2023: $5.84 million), while Share of post-tax loss of equity accounted associate moved from $4.38 million in 2023 to a share of post-tax profit of equity accounted associate of $2.70 million in the period under review. As a result, loss before taxation for the six months ended June 30, 2024, amounted to $13.08 million relative to $3.19 million reported in 2023.

Net Loss for the period under review totalled $13.08 million versus net profit of $1.04 million reported for 2023.

Total Comprehensive Loss for the six months amounted to $12.43 million, versus $1.78 million Total Comprehensive Income reported in 2023. For the second quarter, Total Comprehensive Loss was $5.14 million whilst for 2023 Total Comprehensive Income of $16.32 million was reported.

Consequently, Loss Per Share for the six months amounted to $0.12 (2023: EPS: $0.02), while Loss Per Share for the quarter totaled $0.05 (2023: EPS: $0.16). The twelve-month trailing LPS was $0.38, and the number of shares used in these calculations was 100,000,000.

Notably, KLE’s stock price closed the trading period on August 16, 2024, at a price of $2.20.

Balance Sheet Highlights

The company’s assets totalled $119.29 million (2023: $166.00 million). This decrease was attributable to ‘Receivables’ which amounted to $33.72 million (2023: $63.81 million).

Shareholders’ deficit of $1.86 million was reported for the period under review whilst shareholder’s equity of $35.38 million was reported for 2023. As such, shareholders’ deficit per share of $0.02 versus shareholders equity per share of $0.35 was recorded for 2023.

 

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2024-08-19T09:14:31-05:00