Margaritaville Turks profit up 86%

Margaritaville+cargoThe Turks and Caicos based Margaritaville Turks, a Jamaica Stock Exchange US dollar market listed company, reported a big 86 percent jump in profits of US$518,134 in the six months to November last year versus $278,508 in the prior year.
The improved profit came from revenues that climbed 11 percent to $3.376 million. For the quarter ending November, the company reported improved results with net profit of $247,253, a whopping increase of 728 percent over the profit of $33,611 for the same quarter in 2014. Sales revenue for the quarter rose a very strong 24.7 percent to $1.65 million, compared to $1.32 million in 2014. Gross profit grew by 25 percent, slightly faster than sales revenue and for the six months by 10.7 percent.
Administrative expenses rose by 5.3 percent to hit $1.68 million for the six months and for the quarter to November to $829,364 for an increase of 8.7 percent. Management fees fell from $212,614 in 204 for the six months to $125,000 and for the quarter from $92,628 to $62,500. Depreciation charge was essentially flat at $123,748 for the six months and $62,444 for the quarter.
The company generated earnings per share of 0.77 US cents to November and 0.37 US cents for the quarter. IC Insider expects earnings for the full year to May to be around 2 US cents per share. This puts the PE of the stock at a low 5 times current year’s earnings.
Cash flows from operating activities amounted to $642,173 for six months versus $399,202 in 2014 before increase in related party receivables of $1.24 million and $685,495 in 2014 and ended with cash of $24,977. The equity capital stood at of $4.3 million and the company had no borrowed funds.

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