November 14, 2023
MFS Capital Partners Limited (MFS) for the first quarter ended September 30, 2023, reported a 98% decrease in revenue totalling $297,000 compared to $12.56 million in the corresponding three months last year.
Cost of sales was nil for the period; hence, gross profit amounted to $297,000 (2022: $12.56 million), a 98% decrease year over year.
Other operating income increased significantly to $2.77 million compared to $3,066 for the first quarter ended September 30, 2022, while administrative expenses increased by 83% from $6.24 million in 2022 to $11.46 million for the three months. As a result, operating loss for the first quarter amounted to $8.39 million relative to an operating profit of $6.32 million reported in 2022.
There were no net finance costs for the three months (2022: $150,000). Therefore, loss before taxation totalled $8.39 million relative to a profit of $6.17 million in 2022.
Taxation for the first quarter ended September 30, 2023, was nil (2022: $810,295). As a result, net loss for the three months totalled $8.39 million (2022: profit of $5.36 million). Net loss attributable to stockholders of the Company for the three months amounted to $8.07 million, relative to a profit of $5.36 million reported in 2022.
Consequently, loss per share (LPS) for the three months amounted to $0.02 (2022: EPS of $0.01). The twelve-month trailing LPS was $0.01, and the number of shares used in these calculations was 400,000,000.
Notably, MFS’s stock price closed the trading period on November 13, 2023, at a price of $1.93.
Balance Sheet Highlights:
The company’s assets totalled $60.32 million; a 17% decrease relative to $72.67 million booked in 2022. This downward movement was largely due to a 78% decrease in cash and bank balances, which amounted to $8.84 million (2022: $39.62 million).
Shareholder’s deficit was $35.21 million (2022: $30.25 million), representing a shareholders’ deficit per share of $0.09 (2022: $0.08).
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