MEEG reports 9% increase in 2016 revenues, while net profit declined by 6%

Main Event Entertainment Group Limited (MEEG) for the year ended October 31, 2016 recorded a total of $1.13 billion in revenue compared to $1.03 billion booked for the year ended October 31, 2015. Cost of sales for the year increased 7% year over year to $703.87 million relative to $657.48 million. As a result, gross profit improved by 14% to $428.07 million (2015: $376.32 million).

MEEG booked other income of $538,000 for the year, 18% less than the prior year’s $657,000.

Total expenses for the year rose 16% to $353.56 million versus $304.89 million recorded for 2015. Of this, administrative and general expenses climbed 13% to $284.24 million (2015: $251.28 million), while depreciation expense increased 38% to $57.76 million (2015: $41.95 million). Selling and promotion expense declined 1% to $11.56 million relative to $11.66 million.

Consequently, operating profit for the year rose 4% to $75.09 million (2015: $72.09 million).

Finance cost year over year, increased by $3.41 million or 29% to $15.20 million (2015: $11.79 million).

MEEG recorded profit before taxation of $59.85 million, a decline of 1% when compared to 2015’s $60.30 million.

Net profit for the year decreased 6% to $56.50 million (2015: $60.03 million) following tax charges of $3.45 million (2015; $275,000).

Earnings per Share for the year amounted $0.19 (2015: $0.20). The number of shares used in the calculation was 300,005,000 units.

Balance Sheet Highlights:

As at October 31, 2016, the company’s assets totaled $563.11 million, $41.85 million more than its value a year ago. This increase in total assets was largely driven by increases in ‘Property, Plant and Equipment’ which rose 31% or $86.21 million year over year to $365.90 million (2015: $279.69 million).

Equity attributable to stockholders of the company amounted to $242.23 million (2015: $185.73 million). This translated to a book value per share of $0.81 relative to $0.62 in 2015.




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