SSL Venture Capital Limited Post Revenues Of JA$93.6M And A Net Loss Of JA$35.6M For The Quarter Ended 31 March 2019.
SSL Venture Capital Limited (SSLVC), headed by Mark Croskery Chairman and Chief Executive Officer, has applied to and was granted approval by the Jamaica Stock Exchange (JSE) for the suspension of trading on the Junior Market of the Jamaica Stock Exchange for the period June 20, 2019 to August 14, 2019.
The JSE has granted approval for the suspension effective June 24, 2019.
SSL Venture Capital in its application for the suspension said it was made in response to the concerns raised by the JSE in relation to the Auditor’s Report filed on June 4, 2019 for the Company’s Audited Financial Statements for the year ended December 31, 2018.
SSLVC has advised that the period of suspension will be used to:
(1) resolve the issues raised and address the breach,
(2) implement appropriate policies and procedures to ensure that these issues do not recur and;
(3) submit a modified or restated report that is in compliance with International Financial Reporting Standards and the JSE Junior Market Rules.
SSL Venture Capital Jamaica Limited (“The Company” or “SSL Ventures”) also completed its first full quarter of operations for 2019 and has published Unaudited Financial Statements for the Three Months Ended 31 March 2019.
According to the report SSL Ventures achieved revenues of JA$93.6 million and a Net Loss of JA$35.6 million for the quarter ended 31 March 2019 compared to a Net loss of $1.4 million in prior year quarter.
Commenting on the results Mark Croskery said it should be mentioned at this time that the comparative would not have reflected the three Investment Holdings, i.e. Bar Central Limited, Blue Dot Data Intelligence Limited and Muse 360 Integrated Limited, which were acquired in the second half of 2018.
All three investment companies reported losses for the quarter, this as Croskery said based on the results, SSL Ventures will continue to streamline internal processes that can improve efficiencies and reduces Administrative and General expenses.
The Distribution and Branding company Bar Central Limited (BCL) generated revenues for the quarter of $64.3 million and an Operating Loss of $14.4 million, due mainly to Cost of Sales of $71.2 million and Administrative and General Expenses of $7.8 million.
Marketing solution driven company, Blue Dot Data Intelligence Limited (BDDI) generated revenues of JA$16.4 million and an Operating Loss of JA$5.5 million, which resulted from Direct Costs of $10.1 million and Administrative and General Expenses of $12.1 million.
Muse 360 Integrated Limited reported revenue of JA$10.8 million and an Operating Loss for quarter of JA$8.5 million which resulted from Direct Costs of $4.5 million and Administrative and General Expenses of $14.9 million.
Croskery sought to comfort shareholder’s suggesting that SSL Ventures will continue to work with the three companies to execute their individual mandates to realize shareholder return via and exist through an IPO or private sale within three years.