Durrant Pate/Contributor

Margaritaville (Turks) Limited (MTL) has recovered lost ground resulting in a huge surge in revenue for the financial year ended May 31, which went up by a whopping 177 per cent to US$7.26 million compared to US$2.62 million last year.

Revenue for its fourth quarter in May had a 39 per cent increase to close at US$2.28 million compared to US$1.64 million for the comparable quarter of 2022. ‘Cost of Sales’ for the year amounted to US$2.24 million (2022: US$884,666), an increase of 153 per cent year-over-year.

Consequently, gross profit went up by 190 per cent to US$5.02 million compared to US$1.73 million for 2022. The company booked gross profit of US$1.37 million for the fourth quarter versus US$1.00 million reported for the similar quarter of 2022.

Administrative expenses increased by 91 per cent to close at US$3.83 million (2022: US$2.01 million), while ‘depreciation and amortization’ declined by six per cent from US$278,916 in 2022 to US$262,869 in the year under review. Total expenses for the year amounted to US$4.13 million, a 79 per cent increase relative to US$2.31 million reported in 2022.

Profitability surged

Operating profit for the year amounted to US$1.69 million relative to operating loss of $576,714 reported in 2022. Operating profit for the fourth quarter amounted to US$1.15 million (2022: US$178,130).

Finance cost for the year ended May 31, 2023, amounted to US$21,465, a 34 per cent decrease relative to US$32,424 in 2022. Finance cost for the fourth quarter amounted to US$5,851 (2022: US$32,424).

There were no taxes for the period under review. As such, net profit for the year ended the year at US$1.67 million coming from a net loss of US$609,138 in 2022. For the fourth quarter, net profit was US$490,550 (2022: US$167,455).

Consequently, earnings per share (EPS) for the year end amounted to US$0.03 (2022: LPS: US$0.01), while EPS for the quarter totaled US$0.01 (2022: EPS: US$0.003).

The company’s assets totalled US$6.05 million (2022: US$4.26 million). The 42 per cent increase in total assets was particularly due to ‘Owing by related companies’ growing by US$1.79 million to close at US$2.21 million.

Shareholder’s equity was US$3.97 million (2022: US$2.30 million), representing a book value per share of US$0.06 (2022: US$0.03).