Blue Power Group’s Oct 2020 (Q2) Earnings Are Out – Revenue Is Up, But So Are Credit Losses, Expenses & Competition

Blue Power Group Ltd (BPOW) has released their October 2020 (Q2) numbers. Here are the highlights.

This Quarter (2021Q2) vs Same Quarter Last Year

  • Revenue was 151.99m vs 112.75m (34.80%)
    The company says the revenue for this quarter includes new sources of income not available in the previous year. However In in the CARICOM region, they faced intense competition which resulted in a lower level of export sales. Gross margin for the quarter has fallen from the 43.5% earned in Q2 last year to 36.38% for Q2 this year
  • Net Income totaled 16.79m vs 28.19m (-40.45%)
    Profits are now being taxed as the company graduated to the main market in April after receiving tax benefits for the last 10 years (-$6m impact this quarter). Additionally, the company benefited from +$8m Finance income last year and lower Admin Expenses
Net Income / Net Loss
Quarterly Financials -259.24m 2019Q4 23.39m 2020Q1 28.19m 2020Q2 -7.27m 2020Q3 -124.89m 2020Q4 33.10m 2021Q1 16.79m 2021Q2

Year To Date (2021Q2)

  • Revenue was 313.84m. Increasing by 35.61% or 82.41m YTD YoY.
  • Net Income totaled 49.89m. Decreasing by -3.27% or -1.69m YTD YoY.
    The YTD profit reflects a substantial $11m provision for estimated credit losses, and additional expenses for staffing the administration to handle the accounting functions of Lumber Depot Limited. (Admin expenses up $15m.) YTD taxes are an additional $17m hit to the bottom line
Net Income / Net Loss
Quarterly Financials 139.27m 2019Q4 23.39m 2020Q1 2020Q2 65.61m 2020Q3 65.63m 2020Q4 33.10m 2021Q1 49.89m 2021Q2

This is just a summary. For more charts, ratios and other details visit BPOW’s page here

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