SSLVC reports three months net profit attributable to shareholders of $2.52 million

November 15, 2021

With no active operating company in the portfolio as at the reporting period, the Group did not earn any revenue for the period under review as compared to the prior year when revenues of $18.25 million were recorded. The revenues earned in the prior period related to Bar Central Limited which was shuttered at the end of December 2020.

Other operating income closed at $11.77 million (2020: $48,882). Administrative expenses of $7.55 million was booked for the quarter compared to $21.66 million documented for the similar quarter in the previous year.

Consequently, operating profit for the quarter closed at $4.22 million versus an operating loss of $21.43 million booked for the same quarter in 2020.

The Company recorded net finance cost of $88,000 for the quarter relative to $2.09 million for the prior year’s corresponding quarter.

In addition, SSLVC reported profit before taxation of $4.13 million for the quarter compared to loss before taxation of $23.53 million documented in the prior year’s quarter.  Taxes charges amounted to $950,999 in comparison to the tax credit of $3.79 million last year. SSLVC closed the quarter under review with net profit of $3.18 million relative to net loss of $19.74 million booked in the prior year’s quarter.

Net profit attributable to stockholders closed the quarter at $2.52 million compared to net loss attributable to shareholders of $17.47 million booked in the same quarter last year.

Earnings per share (EPS) for the quarter amounted to $0.006 (2020 LPS: $0.044). The trailing twelve months earnings per share amounted to $0.447. The number of shares used in our calculations is 400,000,000.  SSLVC stock price closed the trading period at a price of $0.67 on November 15, 2021 with a corresponding P/E ratio of 1.50 times.

SSLVC noted, “The Board and Executive Management continue to consider possible solutions to the present difficulties, but whilst the opportunity does present itself for a fresh injection of capital based on the restructured balance sheet, the lingering uncertainties of the COVID 19 pandemic remain problematic for potential investors. In its quest for a solution, the Board continues to keep shareholders’ interest in mind.”


Balance sheet at a glance:

As at September 30, 2021, total assets amounted to $24.82 million, 80% down from the $122.92 million booked in 2020. No ‘Deferred Tax Asset’ was recorded for the review period relative to $51.18 million at the end of September 2020.

Shareholders’ deficit closed at $45.93 million relative to shareholders’ deficit of $224.84 million recorded in the prior year’s corresponding period. This resulted in a Shareholders’ deficit per share of $0.11 (2020: $0.56).












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