MPCCEL reports year end net profit of US$1.68 million

April 3, 2020

MPCCEL, for the year ended December 31, 2019, recorded total revenues of US$1.89 million relative to nil reported for the prior year’s corresponding period. Revenue for the quarter amounted to US$1.89 million compared to nil for the same quarter in 2018.

Total expenses  amounted to US$210,854 (2018: US$251,848). The breakdown for total expenses is as followed:

Accountancy fees closed the period at US$11,241 (2018: US$7,705), while MPCCEL reported administrative fees of US$42,676 (2018: US$14,419).

Advertising fees for the year amounted to US$34,985 relative to nil for comparable period in 2018.

Audit fees for the year totaled US$18,000 (2018: US$15,000). The company incurred bank charges for the year of US$3,926 (2018: US$1,075).

Director’s fees and legal & professional fees for the year end totaled US$20,639 (2018: US$6,533) and US$54,726 (2018: US$205,282), respectively.

License fees closed at US$500 (2018: US$500).

Corporate fees totaled an amount of US$1,750 (2018: US$1,333).

Insurance expense for the year ended December 2019 closed at US$21,663 (2018: nil).

Total expenses for the fourth quarter ended December 31, 2019 amounted to US$40,865 relative to total expenses of US$433,515 in the corresponding quarter in 2018.

Total profit for the year was reported at US$1.68 million (2018 net loss: US$251,848), For the quarter, MPCCEL booked a profit of US$1.93 million (2018 net loss: US$433,518).

Consequently, earnings per share (EPS) for the year ended December 31, 2019 amounted to US$0.08 relative to a loss per share of US$0.01 for the same period in 2018. For the quarter, MPCCEL booked EPS of US$0.09 (2018 LPS: US$0.02). 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$135 and US$1.00 on April 02, 2020 respectively.

Balance sheet at a Glance:

As at December 31, 2019, Total Assets for the period closed at US$11.62 million versus US$182,934. Of this amount cash and cash equivalents amounted to US$89,436 (2018: US$403), while ‘Investment – MPC Caribbean Clean Energy Fund LLC’ amounted to US$11.53 million relative to nil as at December 31, 2018.

Shareholder’s equity totaled US$11.53 million relative to a shareholders’ deficit of US$257,081 in 2018. This resulted in a shareholder’s equity per share of USD$0.53 relative to a shareholder’s deficit of  US$0.01 in 2018.

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