MFS Capital Partners Limited (MFS), formerly known as SSL Venture Capital Limited, has achieved a profitable quarter from a series of prior consecutive losses when it was battling to stay afloat due to consecutive quarters of losses. MFS Capital Partners recorded a slim after-tax profit of $5.3 million.
The embattled company was sold to Micro-Financing Solutions in May this year for one-tenth of its value, which amounted to $38 million. A major for such profitability within the quarter is due to the new revenue stream of receivables financing. Due to this, revenues went up to $12.5 million.
MFS Capital’s Management seems upbeat over the results, “MFS is strategically positioning itself in the market to attain more profits. We are on target in achieving certain milestones outlined in our June quarter results as well as our annual report”.
Administrative and operational expenses came out at $5.8 million for the quarter under review. Digging deeper into the financials, the expenses accumulated relate to the operating costs for the SSL Venture Capital head office and obligations of its closed subsidiary, Bar Central Limited.
Total assets stood at $72.6 million and shareholder’s equity at a negative $43.2 million. The price per share remains at $0.014.
