Total assets down to $9.88 million, coming from $17.60 million last year

Ciboney Group Limited is reporting a net loss of $4.26 million on its operations for the nine-month period ended February 2021.

This represents deterioration from the $3.09 million recorded for the said period in 2020. Financial income for the period under review, declined by 69 per cent to total $5,000 from $16,000 in February 2020.

For the third quarter ended February 2021, financial income fell 67 per cent to $1,000 from $3,000 in the corresponding quarter in 2020. Group operating expenses totaled $4.27 million for the period relative to $3.11 million for the corresponding period in 2020, a 37 per cent increase.

Net loss per share was 0.78 cent for the period

Meanwhile, for the quarter, the group operating expenses amounted to $1.92 million coming from $1.03 million for the comparable period last year. Net loss per share was 0.78 cent for the period compared with a loss per share of 0.57 cent in 2020.

For the quarter, loss per share amounted to $0.35 coming from $0.19 cent last year. Total assets as at February 28, 2021 amounted to $9.88 million, down from $17.60 million as at February 28, 2020.

The main reason for the decrease in total asset ‘Cash and Cash Equivalents’ fell 65 per cent to total $4.17 million compared to the $11.89 million reported in 2020. Shareholders’ deficit amounted to $1.28 million relative to shareholders’ equity of $5.94 million reported in 2020.

As such, the shareholders’ deficit per share totalled $0.002 as at February 28, 2021 compared to shareholders’ equity per share of $0.011 booked 12 months earlier.