SSL Venture Capital Jamaica Limited (SSL Ventures) on Friday last (August 31), reported an unaudited after-tax surplus of $10.6 million for the second quarter ended June 30, 2019, following a net loss of $1.4 million in the corresponding quarter last year.

Chairman and chief executive officer Mark Croskery, in reporting to shareholders, indicated that the comparative would not have reflected the three Investment Holdings — Bar Central Limited, Blue Dot Data Intelligence Limited and Muse 360 Integrated Limited; which were acquired in the second half of 2018.

“SSL Ventures continues to work with the three aforementioned companies to execute its mandate, to realise shareholder returns, via an exit through an [Initial Public Offering] or private sale within three years,” Croskery said.

SSL Ventures achieved total revenues of $132.1 million for the quarter under review.

The investment holdings contributions to SSL Ventures bottom-line were:

Bar Central Limited (BCL) — Revenue generated for the quarter was $90.0 million, with a related net profit amounting to $9.3 million. This was influenced by the cost of sales of $88.2 million and administrative and general expenses of $37.2 million, with other income totalling $44.4 million. During this quarter, BCL experienced operational and structural improvements, whereby internal procedures were revamped for the period. Croskery added that this will, therefore, allow the company to perform more efficiently and improve overall earning potential and reduce expenses.

Blue Dot Data Intelligence Limited (BDDI) — Produced a net profit of $2.5 million and generated revenues of $18.6 million for the quarter under review; a result of other income totalling $21.0 million, direct costs of $15.4 million and administrative and general expenses of $21.6 million. The sector in which Blue Dot operates shows potential in both local and overseas markets and as such, improved strategies will be used to ensure realisation of growth.

Muse 360 Integrated Limited — Reported a net loss of $5.1 million; revenue generated for the quarter under review was $23.3 million. Direct costs amounted to $9.0 million, while administrative and general expenses were $24.5 million.

Croskery indicated that while Muse 360 Integrated is currently undergoing a radical change in management and structure, this will allow the company to increase shareholder value.

“This quarter has been focused on improving operations and building intrinsic value for the companies; based on the results, SSL Ventures will continue to streamline internal processes that can improve efficiencies and reduces administrative and general expenses,” he continued.

— Abbion Robinson