WIG reports 4% increase in year end sales

Date: July 26, 2019

Wigton Windfarm Limited, for the year ended March 31, 2019, reported sales of $2.48 billion, a 4% increase on the $2.36 billion reported in the prior year. For the quarter, sales amounted to $494.04 million (2018: $447.80 million).

Cost of sales went up 5% to close the year end at $740.16 million versus $704.42 million booked in the previous year. As such, gross profit inched up to total $1.71 billion (2018: $1.65 billion). While, for the quarter, gross profit closed at $298.06 million (2018: $276.91 million).

Other income amounted to $502.99 million, a 21% decline when compared to $636.92 million reported in the same period last year. Other loss for the fourth quarter totaled $84.11 million compared to other income of $154.89 million in the previous year’s corresponding quarter. In addition, general administrative expenses increased amounting to $433.54 million relative to $404.12 million documented last year. General administrative expenses for the quarter went up to $167.17 million (2018: $139.32 million).

Consequently, operating profit booked a 6% decline closing the year end at $1.78 billion versus $1.89 billion reported in the prior comparable period. For the quarter, operating profit amounted to $46.78 million relative to $291.17 million recorded in the previous corresponding quarter.

Finance expense climbed 20% from $877.36 million in 2018 to $1.05 billion in 2019. While, for the quarter, finance expense closed at $48.91 million (2018: $290.26 million).

Additionally, profit before taxation fell by 28% to close at $727.36 million (2018: $1.01 billion). After taxation of $173.03 million (2018: $240.26 million), net profit for the year ended March 2019 closed at $554.34 million versus $767.54 million booked in the similar period last year. Net loss closed the fourth quarter at $175.16 million versus net loss of $239.14 million in the same quarter last year.

Total comprehensive income totaled $573.44 million (2018: $775.48 million). For the quarter, total comprehensive loss closed at $156.05 million (2018: $231.20 million).

Earnings per share (EPS) was $0.05 for the year end compared to $0.07 in 2018. Loss per share for the quarter amounted to $0.016 (2018: $0.022). The number of shares used in the calculations is 11,000,000,000. WIG stock price closed the trading period on July 26, 2019 at $0.89.

Balance Sheet Highlights

As at March 2019, Wigton’s total asset base went up by 3% amounting to $9.65 billion (2018: $9.36 billion). The increase was as a result of increases in ‘Pension Plan Assets’ and ‘Cash and Deposits’ which closed at $82.70 million (2018: $67.50 million) and $1.38 billion (2018: $690.37 million), respectively. However, the increase was partially tempered by a decrease in ‘Accounts Receivables’ and ‘Property, Plant & Equipment’ closing the period at $134.82 million (2018: $175.18 million) and $7.99 billion (2018: $8.36 billion), respectively.

Shareholders’ Equity amounted to $2.89 billion relative to $2.32 billion in 2018 resulting in a book value per share of $0.26 relative to $0.21 in 2018.

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