SSLVC reports year end net loss of $45.59 million

Date: October 02, 2019

SSL Venture Capital Jamaica, for the year ended June 30, 2019, reported revenues of $332.27 million versus $510,419 reported in the prior year. The Company noted that, “this level of revenue growth is expected to continue the upward trend for the foreseeable future as we strengthen the capacity of the business and support the capital needs which will assist in driving revenues higher.”

Cost of sales amounted to $275.87 million (2018: nil), as such resulting in a gross profit of $56.40 million relative to $510,419 booked last year.

Other operating income closed at $20.10 million (2018: $1.91 million). In addition, there was operating and administrative expenses of $145.93 million booked in 2019 compared to $22.73 million documented in the previous year.

Consequently, SSLVC recorded operating loss of $72.39 million versus a loss of $20.31 million reported in 2018. Finance cost for the year grew 458% to close at $4.50 million compared to $807,386 reported in 2018.

The Company reported loss before taxation of $76.89 million (2018: $21.12 million). After taxation of $31.29 million (2018: nil), SSLVC closed the financial year with net loss of $45.59 million relative to net loss of $21.12 million booked in the prior year.

Net loss attributable to stockholders closed the year at $35.96 million.

Loss per share (LPS) for the year end amounted to $0.09 (2018 loss per share: $0.053). The number of shares used in our calculations is 400,000,000. SSLVC stock price closed the trading period at a price of $1.61 on October 02, 2019.

Balance Sheets Highlights:

As at June 30, 2019, total assets amounted to $219.01 million up from the $257,784 booked in 2018. This increase was mainly due to an increase in ‘Property and Equipment’, ‘Receivables’, ‘Goodwill’ which closed at $18.50 million (2018: $40,030), $23.46 million (2018: nil) and $112.01 million (2018: nil) respectively. ‘Cash at bank and in hand’ also contributed to the increase in the asset base to close at $21.06 million (2018: $33,511).

Shareholders’ deficit closed at $68.43 million relative to shareholders’ deficit $32.16 million recorded in the prior year’s corresponding period. This resulted in a shareholders’ deficit per share of $0.17 (2018 shareholders’ deficit per share: $0.08).

 

Analyst Certification -This research report is for information purposes only and should not be construed as a recommendation. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

2019-10-03T22:20:08+00:00