Kingston Live Entertainment Limited (KLE) saw some improvement in revenue for the second quarter ending June 30, 2021, after a challenging 18 months, management is reporting.
Three months’ revenue (April – June) totalled $38.21 million compared to $7.8 million, a 300 per cent increase. Despite the uptick, KLE has still not returned to “pre-COVID-19” strength.
Revenue year-to-date totalled $73 million compared to $80 million last period.
Net losses for the second quarter totalled $40.8 million, down from $91.2 million in the comparative quarter in 2020.
Management said foreseen challenges continue to be the government’s response to the COVID-19 pandemic.
“These not only affect our key hours of operation, and by extension our revenues, it also affects our vendors, pricing, costs and our partners, primarily our delivery partners,” they said.
In the meantime, delivery is now fully integrated into operations. The company has its in-house courier (Irie Courier) as well as is in partnership with My QuickPlate, 7Krave and Hugo.
Management said it would continue to employ cost-savings strategies and monitor key performance Indicators to improve efficiencies and achieve profitability.
For the second quarter of the year cost of sales amounted to $10.8 million compared to $22 million for the first quarter of 2020. Management noted that the company continues to contend with price increase from several of key suppliers.
Also during the quarter, the rate of exchange had a significant impact on our cost strategies and vendor prices.
In response to the rising vendor prices management said it did a price revision at the end of January to curtail and to keep costs in line. They said that they would continue to seek out the most reasonable vendors and establish new vendor relationships to combat the rapid price increases while maintaining the quality of the product offered.
“As the economy begins to slowly recover from the effects of the pandemic so does our brand. Whilst there remains uncertainty re the economic climate of our industry, we are a bit more hopeful given the relaxed measures and talks of nationwide vaccination by the GOJ,” management said
