Durrant Pate/Contributor

Entertainment and restaurant company KLE Group returned nil revenues for the half year ended June 30, 2022, compared to the J$73.36 million recorded for the comparable period in 2021.

This is due to the restructuring of the company, which took place in July 2021, in which KLE’s restaurant operations and its associated assets were transferred to a newly created company, Franjam. This was done on the basis that Franjam will assume full responsibility for the liabilities associated with the restaurant operations.

Cost of sales amounted to nought in comparison to the J$22.75 million in 2021. As a result, there was no gross profit for the period (2021: J$50.62 million). Similarly, there was no gross profit for the June quarter (2021: J$26.30 million).

Other operating income grew by 246 per cent to J$3.74 million relative to J$1.08 million booked twelve months earlier. In addition, administrative and other expenses decreased by 89 per cent from J$63.22 million for the first six months of 2021 to J$7.23 million for the same period of 2022.

Loss from operation

Consequently, loss from operation amounted to J$3.49 million (2021: J$11.52 million). For the quarter, the operating loss was J$3.19 million (2021: J$5.79 million). Finance and depreciation costs decreased to J$5.64 million (2021: J$28.75 million).

Following no taxation and a profit of J$12.57 million from discontinued operations, net profit for the period amounted to J$4.74 million (2021: loss of J$40.27 million). Net loss for the quarter amounted to J$2.83 million (2021: loss of J$18.28 million).

Total comprehensive income amounted to J$5.01 million (2021: loss of J$40.83 million). Moreover, for the June quarter, total comprehensive loss totalled J$2.83 million (2021: loss of J$17.22 million).

KLE, for the six months, recorded total assets of J$168.59 million, a decrease of 31 per cent when compared to J$244.73 million in 2021. This was primarily due to a decrease in ‘Property, Plant & Equipment’ to nought (2021: J$93.52 million).

Total stockholders’ equity as at June 30, 2022 was J$13.66 million (2021: deficit of J$45.98 million). This resulted in a book value per share of J$0.14 (2021: deficit per share of J$0.46).