Date: February 28, 2019
tTech Limited (tTech) for the twelve months ended December 31, 2018; booked a 31% increase in revenues to $283.92 million compared to $217.25 million for the prior financial year.
Cost of sales rose significantly by 125% to $63.09 million from the $28.08 million reported in December 2017. As such gross profit from increased 17% for the year to $220.84 million (2017: $189.17 million).
Other Income and gains totaled 2.73 million for the year relative to a loss of $2.63 million in 2017, while administrative expenses rose 11% year over year to $165.86million (2017: $149.87 million). Other operating expenses for the year reflected a 59% growth year over year to $32.19 million compared to $20.20 million recorded in 2017.
Operating profit for the period totaled $25.52 million, 55% more than the $16.46 million booked in 2017.
Consequently, Profit before Taxation increased by 48% from $18.65 million in 2017 to $27.54 million. No Taxes were recorded for the period, thus Net Profit for the year amounted to $27.54 million versus $18.65 million booked in 2017. Net loss for the quarter totaled $1.14 million relative to a profit of $578,000 in 2017.
The earnings per share (EPS) for the year amounted to $0.26 compared to $0.18 reported in 2017, while loss per share for the quarter totaled $0.01 relative to an EPS of $0.01 for 2017. The number of shares used in our calculations is 106,000,000 units. The company’s stock price closed the trading period on February 28, 2019 at $5.50.
Balance Sheet Highlights:
As at December 31, 2018, the Company reported total assets of $250.26 million, a 20% increase when compared to $208.77 million in 2017. This was as a result of a 72% increase in Accounts Receivable to amount to $51.39 million (2017: $29.80 million).
Shareholders’ Equity as at December 31, 2018 was $198.88 million compared to $178.38 million for the comparable period of 2017. This resulted in a book value per share of $1.88 compared to $1.68 the prior year.
Analyst Certification – This document is for information purposes 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.