September 29, 2020
SSL Venture Capital Jamaica Limited (SSLVC), for the year ended June 30, 2020, reported revenues of $116.76 million versus $332.27 million reported in the prior year’s corresponding period.
Cost of sales amounted to $105.12 million (2019: $275.87 million), thus resulting in gross profit of $11.64 million relative to $56.40 million booked last year. Gross profit for the quarter amounted to $518,666 versus $28.06 million booked for the second quarter ended June 30, 2019.
Other operating income closed at $42.82 million (2019: $20.10 million) for the year ended June 30, 2020. In addition, administrative expenses totalled $139.69 million in the year ended June 30, 2020 compared to $147.16 million documented in the previous year.
The Company reported an ‘Impairment loss’ of $1.62 million (2019: $2.96 million). While, ‘Goodwill Impairment’ and ‘Loss on disposal of subsidiary’ amounted to $53.81 million (2019: nil) and $13.07 million (2019: nil), respectively.
Consequently, SSLVC recorded operating loss of $153.74 million versus a loss of $73.62 million reported in 2019. Operating loss for the second quarter closed at $93.42 million relative to an operating profit of $7.77 million reported for the same quarter of 2019.
Net finance cost for the period grew 390% to close at $16.02 million compared to $3.27 million reported in 2019. As a result, loss before taxation amounted to $169.76 million (2019: $76.89 million).
For the year ended June 30, 2020, there was a taxation credit of $16.93 million (2019 tax credit: $31.29 million). The Company reported a net loss of $152.83 million versus a loss of $45.59 million reported in 2019. Net loss for the quarter amounted to $105 million versus a net profit of $9.42 million booked in 2019.
However, net loss attributable to shareholders for the year end amounted to $138.94 million (2019 net loss: 35.96 million). Also, net loss attributable to shareholders for the fourth quarter was $89.67 million versus a profit of $7.43 million booked twelve months earlier.
Loss per share (LPS) for the period amounted to $0.35 versus a loss per share (LPS) of $0.09 the prior year, while LPS for the quarter amounted to $0.22 (2019: EPS $0.02). The number of shares used in our calculations is 400,000,000. SSLVC stock price closed the trading period at a price of $0.74 on September 28, 2020.
Balance Sheets Highlights:
As at June 30, 2020, total assets amounted to $118.38 million down 46% from the $219.01 million booked in 2019. No ‘Goodwill’ was reported for the period under review (2019: $112.01 million) and ‘Cash and Banks Deposit’ decreased by 84% to $3.44 million from $21.06 million booked in 2019.
Shareholders’ deficit closed at $207.37 million relative to shareholders’ deficit $68.43 million recorded in the prior year’s corresponding period. This resulted in a shareholders’ deficit per share of $0.52 (2019: $0.17).
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