August 16, 2022
K.L.E Group Limited (KLE), for the six months ended June 30, 2022 recorded no revenue (2021: $73.36 million). For the second quarter, there was no revenue recorded (2021: $38.21 million).
Cost of sales amounted to naught (2021: $22.75 million); as a result, there was no gross profit for the period (2021: $50.62 million). Similarly, there was no gross profit for the quarter (2021: $26.30 million).
Other operating income grew by 246% to $3.74 million relative to $1.08 million booked twelve months earlier. In addition, administrative and other expenses decreased by 89% from $63.22 million for the first six months of 2021 to $7.23 million for the same period of 2022.
Consequently, loss from operation amounted to $3.49 million (2021: $11.52 million). For the quarter, operating loss was $3.19 million (2021: $5.79 million).
Finance and depreciation costs decreased to $5.64 million (2021: $28.75 million).
Following no taxation and profit of $12.57 million from discontinued operations, net profit for the period amounted to $4.74 million (2021: loss of $40.27 million). Net loss for the quarter amounted to $2.83 million (2021: loss of $18.28 million).
Total comprehensive income amounted to $5.01 million (2021: loss of $40.83 million). Moreover, for the quarter, total comprehensive loss totalled $2.83 million (2021: loss of $17.22 million).
Earnings per share (EPS) amounted to $0.05 (2021: LPS of $0.40) while LPS for the quarter totalled $0.03 (2021: LPS of $0.18). The twelve-month trailing earnings per share (EPS) amounted to $0.71. The number of shares used in our calculations is 100,000,000. KLE’s stock last traded on August 15, 2022 at $1.85 with a corresponding P/E Ratio of 2.62 times.
Balance Sheet Highlights:
KLE, for the six months, recorded total assets of $168.59 million, a decrease of 31% when compared to $244.73 million in 2021. This was primarily due to a decrease in ‘Property, Plant & Equipment’ to naught (2021: $93.52 million).
Total Stockholders’ equity as at June 30, 2022 was $13.66 million (2021: deficit of 45.98 million). This resulted in a book value per share of $0.14 (2021: deficit per share of $0.46).
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