Loss On Investment Portfolio Inflicts MIL’s Bottom Line

  • Mayberry Investments Limited (MIL) reported a net loss attributable to shareholders of $663.77Mn (EPS: -$0.55) for the nine months ended September 30, 2020, down 254.6% (or $1.09Bn) from the corresponding period in 2019.
  • The performance over the period was driven by an 88.9% (or $1.73Bn) reduction in net interest income and other revenues, primarily due to a reduction in fees and commission income by 40.7% (or $206.76Mn), lower net foreign exchange income (down 45.1% or $144.49Mn), and a decline in the value its investment portfolio by 244.4% (or $1.78Bn).
  • The negative performance was tempered by a decrease in operating expenses by 15.0% (or $199.73Mn), on account of a reduction in depreciation and amortization expenses by 30.7% (or $259.15Mn).
  • Management noted that the global and local financial markets continue to experience the negative impact of the COVID-19, and as the financial environment continues to evolve, the organization will continue to assess the financial landscape.
  • The company’s stock price has declined by 38.2% since the start of the year, closing Wednesday’s trading session at $5.56. At this price, the stock currently trades at a P/B of 0.7x, which is below the Main Market Financial Sector Average of 1.7x.

(Source: MIL Financials)