MPCCEL reports six months net loss of US$76,197

August 18, 2020

In United States dollars (except where it is indicated otherwise):

MPC Caribbean Clean Energy Limited (MPCCEL), for the six months ended June 30, 2020reported an 11% decrease in total expenses in the amount of $76,198 (2019: $85,306), of which accountancy fees and administrative fees increased 19% to $7,000 (2019: $5,863) and 99% to $40,899 (2019: $20,581), respectively. Bank charges amounted to $1,489 (2019: $2,150).

‘Legal and professional fees’ and ‘Insurance Expense’ closed the six months at $12,790 (2019: $31,102) and $656 (2019: $10,753), respectively. There was no audit fee incurred for the six months (2019: $6,250). Directors’ Fees totalled $8,250 (2019: $6,972). Travel expense amounted to $2,760 (2019: nil). Advertising cost amounted to $1,354 (2019: nil).

Total expenses for the quarter posted a 107% growth year over year to $36,990 in contrast to $17,835 reported for the same quarter in 2019.

Loss for the six months amounted to $76,197 versus a loss of $85,306 for the corresponding period in the prior year. Net loss for the quarter closed at $36,989 relative to a loss of $17,835 in 2019.

Loss per stock unit for the six months amounted to $0.0035 (2019 LPS: $0.0039). The LPS for the second quarter was $0.0017(2019: $0.0008). Twelve-months trailing LPS was $0.00317. The number of shares used in our calculations was 50,000,000. MPCCELUS closed the trading period on August 17, 2020 at US$1.00, while MPCCEL closed the trading period on August 17, 2020 at J$163.00.

Balance Sheet at a Glance: 

As at June 30, 2020, the Company recorded total assets of $19.84 million versus $10.94 million in 2019. The movement was due to an increase in ‘Cash and Cash equivalents’ to $9.93 million (2019: $273,701).  ‘Investment –MPC Caribbean Clean Energy Fund LLC’ amounting to $9.91 million relative to $10.65 million in 2019.

Total Shareholders’ Equity as at June 2020 closed at $19.73 million compared to $10.90 million which resulted in a book value of $0.91 (2019: $0.51).

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