Margaritaville (Turks) Limited is continuing to bleed reporting a net loss of US$282,156 for the three months ended August 31, 2021.

However, this represents an improvement over the net loss of US$438,084 booked twelve months earlier. Total comprehensive loss for the August quarter amounted to US$282,156 relative to an income of US$438,084 the previous year.

For the period under review, revenues declined drastically by 97 per cent to US$543 coming from US$20,417 last year. Cost of sales also went down by US$19,604 to US$812.

This is coming from US$20,416 in 2020, which resulted in a gross loss of US$269. Total expenses decreased 36 per cent for the period under review to US$281,887 in 2021, down from US$438,085 in 2020.

The decrease was associated with a 44 per cent decline in administrative expenses from US$364,992 in 2020 to US$204,629 in 2021.

Improvements during current quarter

The company has highlighted, “the improvement in the current quarter was mainly from savings realized in staff-related cost as the company had to formally separate from some team members due to the protracted period of cruise suspension.” Depreciation and amortization slid less than one per cent to US$72,839 coming from US$73,093 in 2020.

Other expenses incurred for the period under review amounted to US$4,419 while there were no other expenses in 2020.

The company has pointed out that business should be improving, “the Government of the Turks and Caicos is expecting crushing to commence into the Grand Turk Cruise Port before the end of calendar 2021 and company is getting into a state of preparedness, with recruitment fairs arranged to commence over the next two weeks.”

Margaritaville (Turks) as at August 31, 2021, recorded total assets of US$4.04 million, a decrease of 16 per cent when compared to US$4.78 million as at August 31, 2020. This was mainly as a result of no ‘Owing by related companies’ for the period, relative to US$409,509 book as at August 31, 2020.

 ‘Property, plant and equipment’ declined to US$2.96 million (2020: US$3.24 million), representing a nine per cent year-over-year decline.