Jamaican listed company Ciboney Group is reporting a net loss of J$2.53 million for the half-year period ended November 30, 2021.

Net loss before taxation for the period was J$2.53 million, slightly up from the loss of J$2.25 million in 2020. No taxes were incurred during the six months under review.

As such, the company booked net loss for the period of J$2.53 million. For the November quarter, the net loss amounted to J$1.85 million compared to J$1.21 million during the comparable period in 2020.

Group operating expenses totalled J$2.53 million for the six month period relative to J$2.25 million for the corresponding period in 2020, representing an eight per cent increase. For the quarter, Ciboney booked operating expenses amounted to j$1.85 million compared with the J$1.21 million booked in 2020.

Ciboney previously held properties in the tourism sector and was formerly the major investor in Sandals Ocho Rios and Ciboney Hotels. With high levels of debt in the 1990s, the properties were sold and debts paid to Finsac.

Ciboney’s last property was land in Culloden in Westmoreland, which was sold to Green Forrest Limited for $250 million in December 2017. Proceeds of the sale were used to reduce Ciboney’s debt and pay a dividend to shareholders.

Balance Sheet at a glance: 

Total assets as at November 30, 2021, amounted to $6.49 million, down from $12.06 million as of November 30, 2020. The main reason for the decrease in the total assets was ‘Cash and Cash Equivalents’ moving down by 88 per cent to close at $774,000 compared to the $6.35 million reported in 2020. 

Shareholders’ deficit amounted to $4.81 million relative to shareholders’ equity of $637,000 reported in 2020. As such, the shareholder’s deficit per share stood at 0.88 cent as at November 30, 2021, relative to shareholder’s equity per share of 0.12 cent as at November 30, 2020.