PURITY posts 258% increase in first quarter net profit

May 30, 2018

For the first quarter of the 2018 financial year, the company recorded a Total Revenue of $271.04million (2017: $227.91 million), representing a 19% increase.

Cost of Sales for the quarter amounted to $161.94million, up 11% relative to $145.52 million booked at the end of quarter one 2017.  As such, Gross Profits totaled $109.11million, up 32% year over year (2017: $82.39 million).

The company reported Total Expenses of $83.32million, an increase of 9% when compared to the $76.13 million reported in 2017. Administrative Expenses amounted $49.71million ,up 16% relative to the $42.74million reported in 2017, while, Selling Expense was up 1% to close at $33.61million (2017: $33.38 million).

This resulted in an Operating Profit of $26.83million, a increase of 258% on the prior period’s $7.5 million.

Pre-tax Profits decreased by 309% to $23.62million (2017: $5.78 million)..

The Company paid  taxes of $2.95 milli0n for the quarter versus none in the corresponding quarter of 2017.

Net profit for the quarter was $20.67 million, a 258% increase, versus $5.78 million reported in 2017.

As a result, earnings-per-share closed at $0.09 (2017: $0.03). The 12-month trailing LPS is -$0.112 and the number of shares used in our calculations is 222,709,171 units.

Total comprehensive income amounted to $18.99 million.

As at May 30, 2018 the stock traded at $1.90

Balance Sheet Highlights:

The Company, as at March 31, 2017, recorded Total Assets of $963.30 million, an increase of 26% year over year.

Total Stockholders’ Equity as at March 31, 2018 was $735.40million, representing a decrease of 33%. This resulted in a book value of $3.30.

 

 

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.

2018-05-30T19:43:05+00:00