KLE profit but no profit in 2016

KLE reported profit of $164 million but $164 million came from a one off inflow from gain on sale of shares in a subsidiary. The breakeven performance for continuing operations is a huge improvement over the $64 million loss incurred in 2015.
Going forward, KLE needs to keep growing income faster than cost. At the end of nine months last year Administrative and other expenses came out at $32 million and $97 million year to date. The last quarter showed an unusual jump of $47 million, even as revenues in the December quarter was in line with that of the September quarter at $52 million. In contrast admin expenses were at $127 million in 2015 to September and ended at $143 million for the full year.
There are no indications from the revenue data that investors can expect good levels of growth in 2017, if the flat numbers for the last two quarters of 2016, is anything to go by. Big losses of recent years may be behind them, while franchising could add to profit, from royalty income.
The group’s balance sheet that was shattered up to 2014, has seen major repairs, not before some investors lost out big on the stock. Equity capital that was negative at $34 million at the end of 2015 is now $130 million with the overall profit reported for 2016 and long term liabilities stands at $11 million. Current liabilities are down to $80 million from $160 million the prior year while current assets sit at $71 million including cash of $9 million.
The stock last traded at $3.30 on the junior market of the Jamaica Stock Exchange.

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