May 29, 2023
For the nine months ended March 31, 2023, MFS Capital Partners Limited (MFS) reported $14.59 million in revenues (2022: nil). MFS reported no cost of sales (2022: nil) consequently Gross Profit amounted to $14.59 million for the period under review. MFS reported no revenue for the quarter (2022: nil).
MFS reported ‘Other Income’ of $5.77 million for the period (2022: $51.83 million). This other income is derived from a “Net Payables write off.”
Administrative expenses were $15.55 million (2022: $33.66 million). Admin expenses for the quarter amounted to $5.00 million (2022: $14.96 million).
The company reported an operating profit of $4.81 million versus $18.17 million in 2022.
The company had finance costs of $280,000 for the 9-month period (2022: $1.13 million).
Profit before taxation amounted to $4.53 million versus $17.04 million recorded twelve months earlier.
Taxation amounted to $614,570 (2022: $3.24 million), MFS reported a third quarter net loss of $1.97 million versus a loss of $11.28 million reported in 2022. Net Profit closed the period under review at $3.91 million (2022: $13.80 million).
Based on earnings for the period, MFS outputs an earnings per share (EPS) of $0.01 (2022: $0.03). The trailing twelve months Earnings per share EPS amounted to $0.049. The number of shares used in our calculations is 400,000,000. As at May 15, 2023, MFS stock price closed the trading period at a price of $3.40.
Balance sheet at a glance:
As at March 31, 2023, Total Assets amounted to $67.36 million, 235% greater than the $20.11 million reported in 2022. This increase was mainly due to increases in ‘Due from related parties’ and ‘Cash and Bank Balances’ which closed at $44.30 million (2022: $6.12 million) and $5.66 million (2022: $560,342), respectively.
As at March 31, 2023, MFS reported a Shareholders’ Deficit of $31.70 million relative to Shareholders’ Deficit $37.13 million recorded in the corresponding period last year. This resulted in a shareholders’ deficit per share of $0.08 versus a shareholders’ deficit per share of $0.09 in 2022.
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