MPCCEL reports first quarter net loss of US$38,811

May 12, 2023

MPC Caribbean Clean Energy Limited (MPCCEL), for the three months ended March 31, 2022, recorded a total expense amount of US$29,133. The breakdown for total expenses is as followed:

  • Accountancy fees closed at US$2,000 (2021: US$4,000).
  • Administrative fees amounted to US$13,424 versus US$17,443 recorded in the corresponding quarter for 2021.
  • Advertising Costs rose to US$3,833 (2021: US$390).
  • Directors’ fees remained stable at US$4,625; license fees remain unchanged at US$125 when compared to last year’s same time.
  • No legal and professional fees were booked relative to US$34,676 reported for Q1 2022.
  • Insurance expenses amounted to US$3,935 (2021: US$4,191) while bank charges totaled US$816 (2021:US$907).
  • Corporate Fees continued at US$375 when compared to the prior corresponding quarter.

Total loss for the period was reported at US$29,133 relative to loss of US$80,702 reported for the same period last year.

Consequently, loss per share (LPS) for the three months period amounted to US$0.001 (LPS 2021: US$0.004). The trailing-twelve-month EPS is US$0.055. The number of shares used in this calculation was 21,666,542 units. MPCCEL and MPCCELUS price closed the trading period at a price of JMD$107.26 and US$1.26 on May 12, 2022, respectively.

Balance sheet at a Glance:

Total Assets as at March 31, 2022 closed at US$30.89 million relative to US$29.69 million booked in 2021. This increase was due to an upward movement of ‘Investments -MPC Caribbean Clean Energy Fund LLC’ amounting to US$30.57 million (2021: US$19.23) but was largely altered by a decrease in ‘Cash and Cash Equivalents’ which closed at US$283,604 (2021: 10.43 million).

Shareholder’s equity totaled US$20.78 million, 6% increase when compared to US$19.59 million booked in the prior year. This resulted in a book value per share of US$0.96 compared to US$0.90 booked last year.


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