Turks and Caicos based Margaritaville ended the second quarter of their fiscal year to November 2023 with a profit of US$70,000, down 81 percent from US$360,758 in the second quarter to November 2022, with revenues of US$1.54 million up 14 percent from US$1.35 million in 2022.
Margaritaville – Turks & Caicos
The sharp reduction in profit is due to the company earning one off income in the prior year of US$319,000 but incurred a loss of US$67,884 in 2023 for the half year and US$25,000 in the quarter. Excluding the one off income profit would have surged 67 percent over 2022.
Operating revenues for the half year were US$3.34 million in 2023, up 20 percent from US$2.78 million in 2022 and delivered net profit of US$299,734 for the half year down 34 percent from $455,196 in 2022 that was boosted by the one off other income of US$319,128. Excluding the one time other income, profit would have jumped 120 percent.
Profit for the Quarter before interest expenses and other income was US$100,145, up 42 percent from US$70,403 in 2022 and grew 94 percent to $378,800 for the half year versus US$193,844 in 2022.
The company reported that the average spend per passenger was US8.29, for the quarter, with earnings from the 185,739 passengers that cruised on 51 vessels, compared to the prior year with earnings from 168,000 passengers, for an average spend of US$8.05. The total passenger count for the six months to November 2023 was 411,728, compared to 343,456 for the same period in 2022 and produced revenue of US$8.12 per passenger. The performance for the year to November is still below that in 2019, the company stated.
Earnings per Share ended at 0.104 US cents for the November quarter and for the six months 0.534 US cents. The stock traded at J$15 on the JSE Main market on Tuesday.