Date: July 31, 2018
Productive Business Solutions Limited (PBS) for the six months ending June 30, 2018 reported a marginal increase in revenues from US$83.40 million for the 2017 period to US$83.47 million in 2017, 0.1% increase. For the quarter, revenues increased 1% to total US$41.27 million relative to US$40.96 million the prior quarter.
Direct expenses increased 2% to close the period at US$47.76 million when compared to US$47.04 million for the same period of 2017. As such, gross profit for the six months declined 2% to US$35.71 million (2017: US$36.37 million).
Other income improved 105% to close at US$784,000 relative to $383,000 in 2017.
Selling, general and administrative expenses amounted to US$32.20 million (2017: US$32.18 million), a marginal increase of 0.04%. As such, operating profit declined 6% for the period to total US$4.30 million relative to the US$4.57 million in 2017. Operating profit for the quarter totalled US$2.19 million, a 17% increase on the US$1.87 million reported in 2017.
Finance costs declined 17% to total US$3.38 million relative to US$4.07 million in 2017. As such, profit before taxation amounted to US$920,000 relative to a profit of US$497,000 in 2017.
After taxation of US$781,000 (2017: US$648,000) the company reported a net profit of US$139,000 relative to a loss of US$151,000 in 2017. Net profit for the quarter amounted to US$372,000 compared to a loss of US$599,000 in the corresponding quarter of 2017. Total Comprehensive Loss for the period attributable to shareholders was US$548,000 relative to the loss of US$261,000 reported the prior year.
For the period the company reported a loss per share (LSP) of US$0.0044 (LPS 2017: US$0.0021). The loss per share for the quarter amounted to US$0.001(LPS 2017: US$0.01). The twelve month trailing LPS was US0.022. The total number of shares employed in our calculations amounted to 123,272,727 units. The stock price closed trading on July 31, 2018 at US$0.50.
Balance Sheet at a glance:
As at June 30, 2018, PBS had total assets totalling US149.15 million (2017: US$148.48 million) which represents a marginal increase of 0.5%. This movement was mainly attributed to a 12% and 75% growth in ‘Property, Plant, and Equipment’ and ‘Due from related parties’ respectively to US$22.25 million and US$6.63 million respectively. This was however offset by the 73% decline in ‘Long term receivables’ to US$1.17 million.
Shareholders Equity amounted to $US37.49 million (2017: US$30.73 million) with a book value per share of $US0.304 (2017: $0.249).
Disclaimer:
Analyst Certification -This research report is for information purposes only and should not be construed as a recommendation. 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 affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
