October 18, 2022
Margaritaville (Turks) Limited (MTL) reported a drastic hike of 261962% in revenues for the period to US$1.42 million (2021: US$543).
Cost of sales also increased to US$390,313 (2021: US$812), which resulted in a gross profit of US$1.03 million (2021: gross loss of US$269). Management noted that “despite the challenges in logistics experienced from the effects of the COVID-19 pandemic and the shortages that the Ukraine war is causing, the company managed to deliver a respectable 27.4% Cost of Sales for the Quarter.”
Total expenses increased 223% for the period under review to US$909,187 (2021: US$281,887). Promotional Expenses amounted to US$7,856 (2021: nil). Depreciation and amortization dropped by 6% to US$68,792 (2021: US$72,839). Other operating income amounted to US$273 for the period (2021: expense of US$4,419).
Consequently, the Company reported a net profit of US$94,439 (2021: loss of US$282,156). Similarly, total comprehensive profit amounted to US$94,438 (2021: loss of US$282,156).
The twelve-month trailing loss-per-share (LPS) was US$0.003, while for Q1 2022, EPS amounted to US$0.0014 compared to an LPS of US$0.0042 of the corresponding period of last year. The number of shares used in our calculations was 67,500,000. MTLJA and MTLUSD last traded on October 14, 2022 at $19.41 and $0.1497, respectively.
Balance Sheet Highlights:
The company, as at August 31, 2022, recorded total assets of US$4.50 million, an increase of 11% when compared to US$4.04 million as at August 31, 2021. This was mainly due to ‘Owing by related companies’ for the period totalling US$604,235 (2021: nil).
Total Stockholders’ equity as at August 31, 2022 closed at US$2.40 million, a 9% decrease from US$2.63 million for the corresponding period last year. This resulted in a book value of US$0.0355 (2021: US$0.039).
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.