August 26, 2024
MFS Capital Partners Limited (MFS) for the year ended June 30, 2024, reported Revenue totaling $36.54 million compared to $0 in the corresponding period last year. Revenue for the fourth quarter had a 1786% increase to close at $32.46 million compared to $1.72 million for the comparable quarter of 2023.
Cost of sales amounted to $12.01 million (2023: nil). Consequently, gross profit increased to $24.53 million compared to $0 for the year ended June 30, 2023. The company booked gross profit of $20.45 million for the fourth quarter versus $1.72 million reported for the similar quarter of 2023.
Other operating income decreased by 90% to close at $3.40 million (2023: $32.90 million), while Administrative expenses increased by 207% from $23.10 million in 2023 to $71.02 million in the period under review. As a result, operating loss for the year ended June 30, 2024, amounted to $43.09 million, relative to operating profit of $9.80 million reported in 2023.
Finance costs, net for the year ended June 30, 2024, amounted to $1.58 million, a 564% increase relative to $238,215 reported in 2023.
Loss before taxation totaled $44.68 million (2023: pretax profit $9.57 million). For the quarter, loss before tax amounted to $10.55 million, relative to profit before tax of $21.35 million in 2023.
No taxes were reported for the year ended June 30, 2024. (2023: Tax charge of $823,170). As such, Net loss for the year ended June 30, 2024, amounted to $44.68 million compared to net profit of $8.74 million in 2023.
Net loss attributable to Shareholders for the year amounted to $42.17 million, down from net profit of $8.79 million reported in 2023. For the fourth quarter, Net loss attributable to Shareholders was $10.55 million (2023: profit of $5.66 million).
Consequently, Loss Per Share for the year amounted to $0.11 (2023: EPS: $0.02), while Loss Per Share for the quarter totaled $0.02 (2023: EPS: $0.01).
Notably, MFS’s stock price closed the trading period on August 23, 2024, at a price of $0.60.
Balance Sheet Highlights
The company’s assets totalled $569.00 million (2023: $64.45 million). The growth in total assets was primarily driven by a $500.00 million increase in ‘Investment in subsidiary’.
Shareholder’s equity was $219.94 million (2023: $2.12 million), representing a book value per share of $0.55 (2023: $0.01).
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