Business
JM | Sep 13, 2021

Big drop in revenues at Knutsford Express for its 2021 financial year

/ Our Today

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However, revenues for last quarter in May was up 80%

Knutsford Express

Knutsford Express Services Limited ended its 2021 financial year in May on the losing end, as total revenue went down to $630.01 million, relative to $1.02 billion reported in 2020.

However, the revenue out turn for the last quarter in May amounted to $173.64 million, an increase of 80 per cent from the $96.45 million recorded for the same period last year. Administrative and general expenses closed the year at $715.36 million, a 27 per cent decline from the $974.85 million recorded in 2020.

Within the May quarter, administrative expenses were up 13 per cent to close at $200.80 million compared to $177.39 million in 2020. As such, gross loss for the year totalled $85.35 million, compared to gross profit of $46.83 million in 2020.

Losses contained during fourth quarter

Gross loss for the fourth quarter totalled $27.16 million versus gross loss of $80.94 million recorded in the prior comparable period. Finance income decreased by 28 per cent to total $13.92 million for the year (2020: $19.33 million), while finance cost fell 35 per cent to close at $15.29 million versus $23.65 million booked for the 2020.

Impairment loss on goodwill amounted to $6.58 million while impairment loss on motor vehicles ended at $9.36 million. Loss before taxation amounted to $102.61 million relative to the profit of $42.52 million 12 months prior.

Losses before taxation closed the May fourth quarter at $41.97 million versus loss before taxation of $70.74 million booked in the same period last year.

After receiving tax credit of $6.63 million relative to 2020 tax charges of $8.96 million, Knutsford Express net loss closed at $95.98 million relative to the profit of the $33.56 million for 2020.

Net loss for the last quarter was $35.35 million relative to the loss of $69.62 million reported for the prior year. Total comprehensive loss amounted to $99.62 million relative to total comprehensive income of $25.76 million a year prior.

Balance Sheet at a Glance

KEX posted total asset of $1.23 billion, 13 per cent more than the $1.09 billion booked as at May 31, 2020. This was primarily due to an increase in ‘Right of use which closed the period at $140.57 million (2020: $11.30 million).

Investment property also contributed to the increase with a total of $110.45 million relative to nil in 2020. Shareholder’s equity closed at $665.79 million relative to the $765.41 million reported last year.

As such, book value per share was $1.33 (2020: $1.53).

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