MTL reports year end net loss of US$609,138

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).



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