MPC Caribbean Clean Energy Limited (MPCCEL)
For the three months ended March 31, 2024:-
MPC Caribbean Clean Energy Limited (MPCCEL), for the three months ended March 31, 2024, reported total investment income of US$265,380 (2023: nil).
For the three months ended March 31, 2024, total expenses amounted to US$33,343 relative to US$38,811 booked in 2023. The breakdown for total expenses is as follows:
- Accountancy fees closed at US$2,800 (2023: US$2,000).
- Administrative fees amounted to US$15,443 versus US$19,298 recorded in the corresponding quarter for 2023.
- Advertising Costs decreased to US$2,225 (2023: US$4,861).
- Directors’ fees increased to US$6,750 (2023: US$5,500); however, no license fees were reported for the first quarter.
- Legal and professional fees increased to US$853 (US$192).
- Insurance expenses amounted to US$4,220 (2023: US$5,135).
- Bank charges totaled US$802 (2023: US$1,325).
- Corporate Fees reduced to US$250 in comparison to the previous quarter which was at US$375 in the first three months of 2023.
No taxes were recorded for the periods under review. Consequently, Net profit for the three months ended March 31, 2024, was US$232,037, relative to loss of US$38,811 reported for the same period last year.
Earnings per share for the three months amounted to US$0.011 (2023: LPS: US$0.002). The trailing EPS is US$0.086, and the number of shares used in this calculation was 21,666,542 units.
Notably, MPC’s stock price closed the trading period on May 13, 2024, at a price of J$81 and US$0.61.
Balance sheet at a Glance:
Total Assets as at March 31, 2024 closed at US$30.66 million relative to US$28.73 million booked in 2023. This increase was due to an upward movement of ‘Investments -MPC Caribbean Clean Energy Fund LLC’ amounting to US$30.39 million (2023: US$28.58 million).
Additionally, Cash and Cash Equivalents also increased substantially at US$219,505 in relation to US$94,186 that was reported for the first quarter of 2023.
Shareholders equity amounted to US$1 (2023:US$1).
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