SSLVC reports 20% increase in year end net loss

Date: June 05, 2019

SSL Venture Capital Jamaica, for the year ended December 31, 2018, reported revenues of $194.70 million versus $932,693 reported in the prior year.

Cost of sales amounted to $157.50 million (2017: nil), as such resulting in gross profit of $37.20 million relative to $932,693 booked last year.

Other operating income closed at $28.51 million (2017: $602,671). In addition, there was operating and administrative expenses of $125.32 million booked in 2018 compared to $40.25 million documented in the previous year.

Consequently, SSLVC recorded operating loss of $59.61 million versus a loss of $38.72 million reported in 2017. Finance cost for the year grew 105% to close at $1.79 million compared to $876,494 reported in 2017.

The Company reported loss before taxation of $61.41 million (2017: $39.59 million). After taxation of $13.80 million (2017: nil), SSLVC closed the financial year with net loss of $47.61 million relative to $39.59 million booked in the prior year.

Net loss attributable to stockholders closed the year at $33.41 million (2017: nil).

Loss per share (LPS) for the year end amounted to $0.12 (2017: $0.09). loss per share attributed to the company was $0.08. The number of shares used in our calculations is 400,000,000. SSLVC stock price closed the trading period at a price of $1.64 on June 04, 2019.

Balance Sheets Highlights:

As at December 31, 2018, total assets amounted to $291.07 million up from the $1.50 million booked in 2017. This increase was mainly due to an increase in ‘Property and Equipment’, ‘Receivables’, ‘Goodwill’ which closed at $19.44 million (2017: $48,506) and $68.60 million (2017: $195,588), $107.51 million (2017: nil) respectively. ‘Inventories’ and ‘Cash at bank and in hand’ also contributed to the increase in the asset base to close at $27.43 million (2017: nil) and $38.90 million (2017: $1.07 million).

Shareholders’ deficit closed at $37.36 million relative to shareholders’ deficit $30.84 million recorded in the prior year’s corresponding period. This resulted in a book value per share of negative $0.09 (2017: $0.08).


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