Coach transport service provider, Knutsford Express has returned to profitability having taken a hit due to COVID-19.
Net profit for the quarter ended August 31, 2021 amounted to $9.20 million relative to net loss after tax last year of $25.18 million. No taxes were incurred for the quarter.
Total revenue for the period under review came out at $232.56 million, a 91% increase when compared with the $121.78 million reported for the same period in 2020. Admin and general expenses rose 48% for the quarter to $219.35 million coming from the 2020 posting of $148.22 million.
This resulted in gross profit of $13.22 million for the quarter compared to the gross loss of $26.43 million booked for the same quarter a year ago.
Finance costs increased to $5.56 million for the period from $2.96 million reported in 2020.
In addition, finance income fell from $4.21 million in 2020 to $1.54 million in 2021, representing a decline of 63%. Total comprehensive income as at the end of the quarter amounted to $15.25 million relative to a loss of $20.72 million the prior year.
Company expanding its courier service
The management has announced “an expansion of our courier service, adding new products and delivery options by improving logistics and introducing new technology. These measures are aimed at improving customer experience.” The management added that it focused on “moving what matters” to its customers through its courier service
As at August 31, 2021, assets totalled $1.31 billion, $235.72 million more than the $1.08 billion recorded last year. The increase in total assets was largely attributable to increases in ‘Investment property’ and ‘Rights of use asset,’ which closed at $110.45 million (2020: nil) and $136.94 million (2020: $9.31 billion), respectively.
This was due to investment in Knutsford Express Business Centre in Drax Hall.
The transport company expect the completion and full tenancy of the Business Centre in the third quarter.
Shareholder’s equity closed the quarter under review at $681.04 million down from the $744.69 million recorded in 2020. As such, the book value per share was $1.36 (2020: $1.49).