$25.6 million first quarter net loss for SSL Ventures

$25.6 million first quarter net loss for SSL Ventures

Business reporter

Wednesday, November 20, 2019

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SSL Venture Capital Jamaica Limited (SSL Ventures) on Friday (November 15) reported an unaudited net loss of $25.6 million for its first quarter ended September 30, 2019, following a net profit of $1.7 million recorded in the corresponding period last year.

According to Chief Executive Officer (CEO) Zachary Harding, the company's loss was mainly due to the reorganisation and financial management review of its beverage distribution business and head office, which incurred significant one-off expenses.

This, he added, was done to implement processes and governance procedures across all portfolio companies and anticipates direct results in future quarters.

Harding further added that revenue for the quarter under review amounted to $51 million, reflecting a decrease of $7.5 million from the $58.5 million recorded in the corresponding period of 2018. These results are reflective of the second year of operations.

However, despite the decline, the CEO stated that SSL Ventures' data intelligence company, Blue Dot Data Intelligence Limited, reported a profit of $2.1 million for the quarter under review.

SSL Ventures acquired stakes in portfolio companies Blue Dot Data Intelligence Limited, Bar Central Limited and Muse 360 Integrated Limited in 2018 in exchange for an injection of cash in the start-up businesses.

“As we continue to streamline our operations, our projections are for continued improved performance in all areas of our businesses and for improved results by the end of the financial year. The Group will embark on fund-raising activities in the foreseeable future to secure the necessary financing to support these growth initiatives and to allow us to take advantage of new and exciting opportunities that can add value for the benefit of our shareholders,” Harding stated.

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