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Dolphin Cove swings to loss in Q4

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Dolphin Cove swings to loss in Q4

Dolphin Cove Ltd said its fourth-quarter normalized net income amounted to a loss of J$96,620, compared with income of J$381,030 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 3.6% from 11.6% in the year-earlier period.

Total revenue declined 7.1% year over year to J$3.0 million from J$3.3 million, and total operating expenses grew 19.8% on an annual basis to J$3.2 million from J$2.6 million.

Reported net income totaled a loss of J$46,840, or a loss of 0 cents per share, compared to income of J$378,660, or 0 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled J$2.1 million, a decline of 16.0% from J$2.6 million in the prior year.

Full-year total revenue declined on an annual basis to J$14.7 million from J$15.0 million, and total operating expenses rose year over year to J$11.3 million from J$10.8 million.

The company said reported net income decreased 12.4% on an annual basis to J$3.4 million, or 1 cents per share, in the full year, from J$3.9 million, or 1 cents per share.

As of March 1, US$1 was equivalent to J$121.21.