RJR posts year end net loss of $41.79 million

June 1, 2018

Radio Jamaica Limited (RJR) for the year ended March 31, 2018 recorded revenues of $5.05 billion, 4% lower than the$5.23 billion booked for the prior year. The quarter had a 3% decrease to $1.17 billion (2017: $1.20 million).

Direct Expenses fell by 2% to $2.51 billion relative to $2.56 million for the same period in 2018. As a result, Gross Profit dipped by 5% to $2.54billion relative to last year’s $2.67 billion.

The Company had a 1% increase in total Operating Expenses to $2.65billion when compared to $2.63 billion posted for the previous year. This was mainly attributed to a 2% increase in other Operating Expenses to $770.60 million versus $752.92 million a year earlier.  Selling Expenses closed the year at $745.82million, 4% lower than last years $773.48 million. Administration Expenses rose 3% to $1.14 billion (2017: $1.11 million).

Other Income amounted to $132.09 million (2017: $218.41 million) representing a 40% decline year over year. Consequently, Operating Profit for the year deteriorated to $19.08 million relative to a profit of $259.43 million.

Finance costs had a 20% increase moving to $47.56 million (2017: $39.64 million) for the year.

As a result, Loss before Tax totaled $28.48 million, this compares to a profit of $219.80 million recorded last year. Tax charges of $13.31 million were recorded for the year, while it amounted to $75.57 million in 2017.

Net loss for the year was reported at $41.79 million relative to a Net Profit of $145.23 million booked in 2017.  Net Loss for the quarter amounted to $85.57 million compared to a loss of $64.52 million booked last year.

Loss per share (LPS) for the year amounted to $0.02 versus a EPS  of $0.06 booked in the prior year, while for the quarter LPS totaled $0.035 compared to $0.027 in 2017. The number of shares used in our calculations is 2,422,487,654 units. The Company’s stock price closed the trading period on May 31, 2018 at $1.29

Total Comprehensive Loss amounted to $149.46 million relative to an income of $225.59 million for 2017.

Balance Sheet Highlights:

As at March 31, 2018, the Company reported total assets of $3.82billion, 1% less when compared to $3.85 billion in the prior year. notably, investment securities fell to $159.17 million compared to $486.52 million recorded a year earlier.

Shareholders’ Equity as at March 31, 2018 was $2.40 billion compared to $2.60 billion for the prior year. This resulted in a book value per share of $0.99 compared to $1.07 a year ago.

 

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2018-06-01T17:07:15+00:00