August 15, 2024
Jetcon Corporation Limited (JETCON)
Unaudited financials for the six months ended June 30, 2024:
Jetcon Corporation Limited (JETCON), for the six months ending June 30, 2024, reported a 32% decrease in Turnover totaling $246.57 million compared to $363.46 million in the corresponding period last year. Turnover for the second quarter had a 27% decrease to close at $110.13 million compared to $183.75 million for the comparable quarter of 2023.
Cost of Sales amounted to $206.40 million (2023: $322.96 million); this represents a decrease of 36% year over year. Consequently, gross profit decreased by 1% to $40.17 million compared to $40.49 million for the six months ended June 30, 2023. The company booked a gross profit of $16.10 million for the second quarter versus $14.90 million reported for the similar quarter of 2023.
Total Operating Income decreased by 1% to close at $40.17 million (2023: $40.49 million), while Administrative and Other Expenses decreased by 10% from $29.12 million in 2023 to $26.25 million in the period under review. As a result, selling and marketing expenses for the six months ended June 30, 2024, amounted to $7.91 million, a 24% decrease relative to the $10.36 million reported in 2023.
Total Expenses for the six months ended June 30, 2024, amounted to $47.35 million, a 4% increase relative to the $45.75 million reported in 2023. Total Expenses for the second quarter amounted to $22.40 million (2023: $18.39 million). Finance Costs totaled $3.59 million, a 4206% increase from last year’s corresponding period. (2023: $83,284).
There was no reported taxation for the six months ending June 30, 2024, and the second quarter over a similar period. Profit After Taxation for the six months ending June 30, 2024, had a 33% increase to a loss of $7.00 million (2023: loss of $5.26 million). Total Comprehensive Income for the six months amounted to a loss of $7.00 million, a 33% increase from the $5.26 million reported in 2023. For the second quarter, Total Comprehensive Income loss was $6.12 million (2023: loss of $3.50 million).
Consequently, Loss Per Share for the six months amounted to $0.012 (2023: LPS: $0.009), while Loss Per Share for the quarter totaled $0.010 (2023: LPS: $0.008). The twelve-month trailing LPS was $0.01, and the number of shares used in these calculations was 583,500,000. Notably, JETCON’s stock price closed the trading period on August 11, 2024, at a price of $0.90.
Balance Sheet Highlights
The company’s assets totaled $651.43 million (2023: $726.76 million). The total decline in the company asset base is attributed to a 22% year-over-year decline in “Fixed Asset,” which closed the period at $158.72 million (2023: $202.88 million), a 67% year-over-year decrease in “Receivables” ending the quarter at $39.76 million (2023: $119.71 million) and an 81% year over year decrease in “Cash and Bank Deposits” ending the quarter at $3.15 million (2023: $16.56 million)
Shareholder’s was $568.00 million (2023: $574.30 million), representing a book value per share of $0.97 (2023: $0.98).
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
