Date: January 17, 2022
Margaritaville (Turks) Limited (MTL), for the six months ended November 30, 2021 reported that revenues decreased by 97% for the period to total US$1,046 (2020: US$40,451). The second quarter’s revenue totalled US$504 (2020: US$20,034), a 97% decline.
Cost of sales (COS) decreased by 98% for the period, this amounted to US$831 (2020: US$40,451). For the quarter it also decreased by 97% to total US$504 (2020: US$20,034).
Gross profit for the period rose to US$215 (2020: nil), additionally no gross profit was reported for the second quarter (2020: nil). There was no Other Operating Income for the six months ended November 30, 2021 (2020: nil).
Total expenses decreased by 24% for the period in review to total US$614,915 (2020: US$805,006). This contraction was associated with a 29% decline in the company’s administrative expenses which amounted to US$467,298 relative to the US$658,819 reported in the prior year’s corresponding period. Additionally, promotional expenses for the period totaled US$1,939 (2020: nil). Depreciation and amortization closed the six-month period at US$145,678 (2020: US$146,187). However, for the second quarter ended November 30, 2021, total expenses decreased by 8% to US$337,209 (2020: US$366,919).
Consequently, operating loss for the first six months amounted to US$614,700 when compared to the operating profit of US$805,006 reported twelve months prior. Operating loss for the second quarter totalled US$337,209 versus an operating profit of US$366,919 in the previous comparable period.
No finance cost was incurred for the first six months ended November 30, 2021. Total comprehensive loss for the six months amounted to US$614,700 relative to the total comprehensive loss of US$805,006 reported at November 30, 2020. While for the quarter, MTL’s total comprehensive loss amounted to US$337,209 relative to a loss of US$366,919 in the previous comparable quarter.
The six-months loss-per-share was US$0.0090 compared to loss-per-share of US$0.0119 reported in 2020, while the LPS for the quarter amounted to US$0.0049 (2020 LPS:US$0.0054). The twelve months LPS amounted to US$0.018 The number of shares used in our calculations was 67,500,000. MTL closed the trading period on January 14, 2021 at US$0.12.
Balance Sheet Highlights:
The company, as at November 30, 2021, recorded total assets of US$3.95 million versus US$4.45 million in 2020, an 11% decline. This was mainly attributable to ‘Property, plant and equipment’ for the period which fell to US$2.89 million when compared to US$3.17 million documented in 2020. This was tempered by ‘Inventories’ which reported a 2% increase to end at US$945,761 (2020: US$931,277).
Total Stockholders’ equity as at November 30, 2021 closed the period at US$2.31 million (2020: US$3.49 million). This resulted in a book value of US$0.034 (2020: US$0.051).
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