Revenue amounted to US$6.53 million, 5% less than the US$6.86 million recorded for the prior financial year.

Cost of sales amounted to US$2.03 million relative to US$2.81 million recorded the previous year.

This resulted in gross profit of US$4.51 million, a decline of 6% compared to the US$4.77 million reported in 2016.

Total expenses increased by 4% year over year, moving from US$3.84 million to US$4.01 million.  Of this,

• Administrative and general expenses closed at US$3.73 million, an increase of 7% compared to US$3.5 million in 2016.
• Depreciation totaled US$211,755, a decline of 32% relative to the US$309,783 booked last year.
• Promotional Expenses amounted to US$63,226 (2016: US$26,575).

Finance cost of US$1,078 was charged for the year, relative to the US$1,938 recorded last year.

As such, Net Profit declined 47% to US$499,460 relative to US$936,128 in 2016. Furthermore no taxes were charged for the period resulting in a twelve months trailing earnings per share of US0.74 cents (2016: US1.384 cents).

 

Balance Sheet at a glance:

Total Assets as at May 31, 2017 amounted to US$4.49 million, a decline of US$205,845 relative to the US$4.7 million in 2016.  This was mainly due to a decline in “Owings by related companies” to total US$277,602 (2016; US$685,147) and Inventories which totaled US$674,385 (2016: US$745,585).

 

Shareholders’ Equity totaled US$3.72 million (2016: US$4.03 million), a decline of 8% year over year. As such, book value per share amounted to US$0.055 (2016: US$0.06).  The number of shares used in the calculations is 67,500,000 units.

 

 

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.