Icreate Reporting Strong 41% Revenue Growth For Nine-Months Ended September 30, 2019, But Reported A 190% Increase In Net Losses
iCreate Limited is reporting strong revenue growth for the nine-month ended September 30, 2019, recording revenues of JA$41.4 million, an increase of 41% when compared to the corresponding period in 2018.
The newly listed company however reported an increasing net loss position of JA$12.5 million, 190% higher than the $4.3 million recorded in 2018.
For the third-quarter, July – September, the company recorded revenues of $16.37 million, 69% higher than the corresponding period, September 30, 2018, and a 25% increase when compared to the second quarter of 2019.
Net losses for the quarter amounted to $3.17 million as against the 650 thousand for similar period last year, however, 60% below the $7.85 million recorded in the second quarter.
President and CEO, Tyrone Wilson in his report to shareholders noted that of total revenues, their business to consumer (B2C) market is their strongest, showing a 50% increase when compared to the previous quarter ending June 30, 2019.
Reporting further he said that their B2C segment is showing solid growth, experiencing a 93% increase in enrolment when compared to the corresponding quarter in 2018 and a 23% increase when compared to the previous quarter ending June 30, 2019.
iCreate Limited he said continues to enjoy an 80%+ satisfactory rating among their students.
The Montego Bay location he said was growing, moving from 4% of the total student population in Q2 2019 (Apr – Jun), to 21% this quarter, this as interest in their courses at the Western Jamaica Campus is encouraging, as they continue to play their part in building the skill-sets in the cadre of creatives in Western Jamaica.
iCreate Limited closed the nine-month period with negative earnings per share of six cents.