August 19, 2021
Productive Business Solutions Limited (PBS) for the six months ended June 30, 2021 reported a 41% increase in revenues from US$73.17 million for the 2020 period to US$103.06 million in 2021. For the quarter, revenues increased 72% to total US$53.72 million relative to US$31.26 million the prior corresponding quarter.
Direct expenses increased 80% to close the period at US$72.68 million when compared to US$40.49 million for the same period of 2020. As such, gross profit for the six months decreased 7% to US$30.38 million (2020: US$32.68 million). As for the quarter, gross profit amounted to US$14.78 million (2020: US$13.93 million).
Other income rose 32% to close at US$398,000 relative to US$301,000 in 2020. While, for the quarter, other income closed at US$308,000 (2020: US$254,000).
Selling, general and administrative expenses amounted to US$26.81 million (2020: US$28.92 million), a decrease of 7%.
As such, operating profit fell 2% for the period to total US$3.97 million relative to the US$4.06 million in 2020. Operating profit for the quarter totalled US$1.77 million, a 38% increase on the US$1.28 million reported in 2020.
Finance costs declined 20% to total US$3.50 million relative to US$4.39 million in 2020. As such, profit before taxation amounted to US$472,000 relative to a loss of US$330,000 in 2020. For the quarter, profit before taxation closed at US$53,000 relative to a pre-tax loss of US$450,000 in 2020.
After taxation of US$1.16 million (2020: US$809,000), the Company reported a net loss of US$684,000 relative to a loss of US$1.14 million in 2020. Net loss for the quarter amounted to US$538,000 compared to a loss of US$862,000 in the corresponding quarter of 2020. Total comprehensive loss for the period was US$978,000 relative to the loss of US$2.04 million reported the prior year.
For the six months ended June 2021, net loss attributable to shareholders amounted to US$726,000 relative to a loss of US$1.21 million in 2020. While for the quarter, net loss attributable to shareholders totalled US$580,000 compared to a loss of US$1.15 million.
For the period the company reported loss per share (LPS) of US$0.0059 (2020: LPS of US$0.0098). The loss per share for the quarter amounted to US$0.0047 (2020: LPS of US$0.0093). The twelve-months trailing LPS was US$0.015. The total number of shares employed in our calculations amounted to 123,272,727 units. The stock price closed trading on August 18, 2021 at US$0.77.
Balance Sheet at a glance:
As at June 30, 2021, PBS had total assets totalling US$186.26 million (2020: US$178.67 million) which represents an increase of 4%. This movement was mainly attributed to growth in ‘Trade and other receivables’ to close at US$62.12 million (2020: US$48.10 million).
Shareholders Equity amounted to US$31.74 million (2020: US$33.11 million) with a book value per share of $US0.26 (2020:US$0.27).
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 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.
