KLE reports six months net loss of $40.27 million

September 7, 2021

K.L.E Group Limited (KLE), for the six months ended June 30, 2021, the Company recorded a total revenue of $73.36 million (2020: $80.45 million), representing a 9% decrease in revenue. For the second quarter revenues increased 391% to total $38.21 million (2020: $7.78 million).

Cost of sales went down by 8% to $22.75 million compared to the $24.64 million reported in 2020; as a result, gross profit was down 9% to total $50.62 million relative to $55.81 million in 2020. While gross profit for the quarter increased by 402% to total $26.30 million compared to $5.24 million in 2020.

Other operating income declined by 70% to $1.08 million relative to $3.60 million booked twelve months earlier. In addition, administrative and other expenses decreased by 28% from $87.53 million for the first six months of 2020 to $63.22 million for the same period of 2021.

Consequently, loss from operation amounted to $11.52 million in contrast to operating loss of $28.12 million for the same period last year. For the quarter, operating loss was $5.79 million compared to the operating loss of $15.31 million reported for the second quarter of 2020.

Finance and depreciation costs increased to $28.75 million when compared to $15.58 million for the same period of 2020.

Following no taxation, net loss for the period amounted to $40.27 million compared to net loss of $43.70 million for the comparable period in 2020. Net loss from operations for the quarter amounted to $18.28 million versus a net loss of $24.62 million for the corresponding quarter of 2020.

Total comprehensive loss amounted to $40.83 million relative to a loss of $44.19 million last year. Moreover, for the quarter, total comprehensive loss totalled $17.22 million relative to a loss of $24.06 million in 2020.

Loss per share (LPS) amounted to $0.40 for the six months relative to 2020’s LPS of $0.44 while LPS for the quarter totalled $0.18 this compares to an LPS of $0.25 in 2020. The twelve-month trailing loss per share (LPS) amounted to $1.01. The number of shares used in our calculations is 100,000,000. KLE’s stock last traded on September 6, 2021 at $1.13.

Balance Sheet Highlights: 

The company, as at June 30, 2021, recorded total assets of $244.73 million, a decrease of 12% when compared to $277.89 million in 2020. This was primarily due to a decrease in ‘Related Parties’ to 35.88 million (2020: $72.23 million).

Total Stockholders’ deficit as at June 30, 2021 was $45.98 million relative to shareholders equity of $55.15 million last year. This resulted in a shareholders deficit per share of $0.46 versus a shareholders’ equity per share of $0.55 booked June 2020.

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