Sun | Nov 18, 2018

Margaritaville Turks profit rises 38%

Published:Wednesday | August 13, 2014 | 12:00 AM
Margaritaville Grand Turks in the Turks and Caicos Islands. - File

Restaurant company Margaritaville Turks Limited reported year-end net profit of US$722,938 from sales totalling US$6.2 million for the year ending May 2014.

Profit was up 21 per cent from US$597,536 in 2013, while revenue rose 38 per cent from US$4.5 million.

Margaritaville Turks is a Jamaican-owned business operating in the Turks and Caicos Islands. The company went public in April and was listed on the US Dollar Market of the Jamaica Stock Exchange.

Company Chairman Ian Dear emailed Wednesday Business to say he was travelling in Haiti and thus referred Wednesday Business to chief financial officer Roland Clarke, whose promised comment on the results was not forthcoming up to press time.

MTL's main place of business is located at Grand Turks Cruise Centre at White Sands. It's part of the Margaritaville Caribbean group, which also has operations in different islands, including Jamaica.

Another restaurant is planned for the island of St Thomas in 2015.

Margaritaville Turks closed the financial year with assets of US$4.4 million, down from US$4.9 million last year when related party debt was listed among its receivables.

MTL closed the year with US$58,469 in cash (2013: US$87,132) after paying a dividend of US$1.7 million.

The stock is now trading at US$0.11, up one cent from its listing price, which values the company at US$7.425 million (J$838m).