November 12, 2020
SSL Venture Capital Jamaica Limited (SSLVC), for the three months ended September 30, 2020, reported revenues of $18.25 million compared to $51.03 million in the prior year.
Cost of sales for the quarter amounted to $18.07 million (2019: $34.71 million), resulting in a gross profit of $179,632 relative to $16.32 million booked for the corresponding quarter in 2019.
Other operating income closed at $48,882 (2019: $322,591). In addition, administrative expenses of $21.66 million was booked for the quarter compared to $37.90 million documented for the similar quarter in the previous year. Management noted, “For this quarter, the Group was able to realise savings from the cost containment and efficiency improvement measures implemented toward the end of the last financial year.”
Consequently, operating loss for the quarter closed at $21.43 million versus an operating loss of $21.26 million booked for the same quarter in 2019.
The Company recorded net finance cost of $2.09 million for the quarter relative to $4.43 million for the prior year’s corresponding quarter.
In addition, SSLVC reported loss before taxation of $23.53 million for the quarter compared to loss before taxation of $25.69 million documented in the prior year’s quarter. Taxes credit amounted to $3.79 million (2019: nil), as such, SSLVC closed the quarter under review with net loss of $19.74 million relative to net loss of $25.69 million booked in the prior year’s quarter.
Net loss attributable to stockholders closed the quarter at $17.47 million compared to net loss attributable to shareholders of $20.26 million booked in the same quarter last year.
Loss per share (LPS) for the quarter amounted to $0.044 (2019: $0.051). The trailing twelve months loss per share amounted to $0.347. The number of shares used in our calculations is 400,000,000. SSLVC stock price closed the trading period at a price of $0.55 on November 11, 2020.
SSLVC noted, “The September 2020 results is trending in the right direction despite the challenges brought on by COVID-19. The group is now realising benefits from the financial and operational efficiency improvements implemented in the prior year. It is our hope that this trend will continue. The executive management along with the Board of Directors continue to review the company’s strategic direction and will communicate with shareholders those decisions as they occur.”
Balance sheet at a glance:
As at September 30, 2020, total assets amounted to $122.92 million, 46% down from the $228.18 million booked in 2019. No ‘Goodwill’ was recorded for the review period relative to $112.01 million at the end of September 2019.
Shareholders’ deficit closed at $224.84 million relative to shareholders’ deficit of $88.69 million recorded in the prior year’s corresponding period. This resulted in a Shareholders’ deficit per share of $0.56 (2019: $0.22).
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