PBS reports three months loss attributable to shareholders of US$385,000

Date: May 15, 2019

Productive Business Solutions Limited (PBS) for the three months ended March 2019 reported a 5% increase in revenues from US$41.51 million for the 2018 period to US$43.56 million in 2019.

Direct expenses increased 9% to close the period at US$24.83 million when compared to $22.77 million for the same period of 2018. As such, gross profit for the period under review marginally declined to close at US$18.72 million (2018: US$18.75 million). PBS stated that, “the gross profit associated with the incremental revenue was offset by the impact of revenue mix.”

Other income declined by 13% totalling US$147,000 relative to $169,000 in the prior corresponding period.

Selling, general and administrative expenses amounted to US$16.15 million (2018: $16.81 million), a 4% decline. As such, operating profit went up 29% for the period to total US$2.72 million relative to US$2.11 million in the prior comparable period.

Finance costs increased 36% to total US$2.55 million versus US$1.88 million in 2018. PBS stated that, “this was primarily due to foreign exchange losses associated with the appreciation of the Jamaican dollar versus the United States dollar in the first quarter of 2018.” As such, profit before taxation amounted to US$171,000 relative to a profit of US$229,000 in 2018.

After taxation of US$713,000 (2018: US$463,000), the Company reported net loss of US$542,000 (2018: loss US$234,000). Total comprehensive loss attributable to shareholders for the period was US$385,000 versus loss of US$443,000 in the same period last year.

For the period the company reported a loss per share (LPS) of US$0.003 (LPS 2018: US$0.004). The twelve month trailing LPS was US$0.02. The total number of shares employed in our calculations amounted to 123,272,727 units. The stock price closed trading on May 15, 2019 at US$0.60.

Balance Sheet at a glance:

As at March 2019, PBS had total assets totalling US$155.58 million (2018: US$153.42 million), which represents a marginal increase of 1%. This movement was mainly attributed to a improvements in ‘Lease receivables’ and ‘Property, plant and equipment’ which closed at US$2.45 million (2018: US$753,000) and US$23.30 million (2018: US$20.83 million), respectively.

Shareholders Equity amounted to $US34.48 million (2018: US$37.60 million) with a book value per share of $US0.28 (2018: $0.31).


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