Revenue amounted to US$6.53 million, 5% less than the US$6.86 million recorded for the prior financial year.

Cost of sales amounted to US$2.03 million relative to US$2.81 million recorded the previous year.

This resulted in gross profit of US$4.51 million, a decline of 6% compared to the US$4.77 million reported in 2016.

Total expenses increased by 4% year over year, moving from US$3.84 million to US$4.01 million.  Of this,

• Administrative and general expenses closed at US$3.73 million, an increase of 7% compared to US$3.5 million in 2016.
• Depreciation totaled US$211,755, a decline of 32% relative to the US$309,783 booked last year.
• Promotional Expenses amounted to US$63,226 (2016: US$26,575).

Finance cost of US$1,078 was charged for the year, relative to the US$1,938 recorded last year.

As such, Net Profit declined 47% to US$499,460 relative to US$936,128 in 2016. Furthermore no taxes were charged for the period resulting in a twelve months trailing earnings per share of US0.74 cents (2016: US1.384 cents).

Balance Sheet at a glance:

Total Assets as at May 31, 2017 amounted to US$4.49 million, a decline of US$205,845 relative to the US$4.7 million in 2016.  This was mainly due to a decline in “Owings by related companies” to total US$277,602 (2016; US$685,147) and Inventories which totaled US$674,385 (2016: US$745,585).

Shareholders’ Equity totaled US$3.72 million (2016: US$4.03 million), a decline of 8% year over year. As such, book value per share amounted to US$0.055 (2016: US$0.06).  The number of shares used in the calculations is 67,500,000 units.

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