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Ciboney reduced net loss year over year

The sole source of income, Financial Income declined by 25% to total $154,000 from $205,000 for the previous financial year.

An exchange gain of $210,000 was realized relative to $856,000 for the 2016 financial year.

Other expenses amounted to $5.42 million, 35% less than the $8.35 million recorded for the year ending May 31st, 2016.

The company reported net loss of $5.24 million, this compares with the loss of $7.47 million for the same period last year.

Net loss per share was 0.96 cents for the year ending May 31st, 2017 (2016: loss per share of 1.37 cents).  The number of shares used in the calculations is 546,000,000.

Balance Sheet at a glance:

Total current assets for the year ending May 31st, 2017 amounted to $53 million, down from $58.23 million in May 2016. This was as a result of the decline in Resale Agreement from $8.43 million to $3.43 million.

Shareholders’ Deficit amounted to $47.66 million, an increase relative to the $42.42 million deficit reported in 2016, resulting from the increase in Ciboney’s accumulated deficit from $418.07 million to $423.31 million. This resulted in a negative book value per  share of $0.09 in 2017 relative to $0.08 in 2016.

 

Disclaimer:

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.

2017-07-13T21:56:17-05:00