Nine-month net loss of J$2.05 million

Durrant Pate/Contributor

Shell company Ciboney Group earned not even one cent for the nine months ended February 28 this year.

For the comparable period in February 2022, the company, which off loaded all its tangible assets several years ago, earned financial income of J$2,000. For the third quarter ended February 2023, financial income amounted to nil from $1,000 in the corresponding quarter in 2022.

Group operating expenses totaled J$2.05 million for the period relative to J$4.06 million for the corresponding period in 2022, a 50 per cent decline. Meanwhile, for the third quarter, the group operating expenses amounted to J$565,000, down from J$1.53 million in 2022.

Operating loss recorded again

Operating loss totaled J$2.05 million for the nine months ended February 2023 (2022: J$4.06 million). Likewise, Ciboney booked an operating loss for the third quarter ended February 2023 of J$565,000 (2022: J$1.53 million).

No taxes were incurred for the financial year hence net loss closed at J$2.05 million. This compares with the net loss of J$4.06 million booked in 2022. Net loss per share was J$0.004 for the review period compared with a loss per share of J$0.007 in 2022. 

TOTAL ASSETS AMOUNTED TO J$1.63 MILLION

For the third quarter, loss per share (LPS) amounted to J$0.001 (2022: LPS of J$0.003). Ciboney last traded yesterday at a price of J$0.65. Total Assets as at February 28, 2023 amounted to J$1.63 million, down from J$3.96 million recorded in the prior year.

This was attributed to an 85 per cent decline in ‘Cash and Cash Equivalents’ to total J$198,000 compared to the J$1.33 million reported in 2022. Shareholders’ deficit amounted to J$8.95 million relative to a deficit of J$6.34 million reported in 2022.

As such, the shareholders’ deficit per share amounted to J$0.016 as at February 28, 2023 compared to shareholders’ deficit per share of J$0.012 booked 12 months earlier.