September 14, 2022
Margaritaville Turks Limited (MTL), for the twelve months ended May 31, 2022, reported revenues of $2.62 million versus $48,283 in the prior corresponding period. For the quarter, revenues amounted to $1.64 million (2021: $1,677).
Cost of sales rose to $884,666 (2021: $48,645), while for the quarter cost of sales rose to $639,216 (2021: $2,039).
As a result, gross profit totaled $1.73 million compared to a gross loss of $362 reported for the comparable period last year.
Total expenses rose by 67% for the year ended May 2022, rising to $2.31 million from $1.38 million booked the prior year. This was mainly attributable to the 87% growth in administrative expenses compared to $2.01 million versus the $1.07 million reported in the previous comparable period. Furthermore, promotional expenses amounted to $24,379 (2021: nil). Depreciation and amortization expense reported a 10% decrease, to close at $278,916 (2021: $309,075). For the quarter, total expenses closed at $825,943 (2021: $317,266).
Consequently, operating loss for the year amounted to $576,714 relative to the operating loss of $1.38 million reported in May 2021. Finance cost of $32,424 was reported (2021: nil), notably no taxation was incurred hence loss for the year ended amounted to $609,138 relative to a loss of $1.38 million a year prior.
Loss per share amounted to US$0.01 relative to LPS of $0.02 booked twelve months earlier. For the quarter, EPS amounted to $0.003 (2021: LPS of 0.005). The number of shares used in our calculations was 67,500,000. MTL closed the trading period on September 13, 2022, at US$0.04 while MTLJA closed the trading period at J$26.50.
Balance Sheet Highlights:
As at May 31, 2022, the Company recorded total assets of $4.26 million versus $4.08 million in 2021. This represents a 5% uptick primarily due to ‘Owing by related companies’ which ended at $273,108 (2021: nil) coupled with the 177% increase in ‘Trade and other receivables’ which closed at $254,351 (2021: $91,814).
Total Shareholders’ Equity as at May 2022 closed at $2.30 million (2021: $2.91 million), which resulted in a book value of $0.034 (2021: $0.043).
Disclaimer:
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.
