August 15, 2024
RADIO JAMAICA LIMITED (RJR)
Unaudited financials for the first quarter ended June 30, 2024:
Radio Jamaica Limited (RJR) for the first quarter ended June 30, 2024, reported a 7% decrease in revenue totalling $1.20 billion compared to $1.30 billion in the corresponding three months last year.
Direct expenses amounted to $577.98 million (2023: $556.00 million), this represents an increase of 4% year over year. Consequently, gross profit decreased by 16% to $625.69 million compared to $741.69 million for the first quarter ended June 30, 2023.
Administration expenses increased by 1% to close at $402.21 million (2023: $400.21 million), while Selling Expenses decreased by 3% from $255.14 million in 2023 to $247.92 million for the three months. As a result, Total Expenses for the first quarter amounted to $831.49 million, a 1% decrease relative to $836.39 million reported in 2023.
Operating Loss for the three months amounted to $169.87 million, a 441% increase relative to $31.38 million reported in 2023. Finance Costs totalled $13.18 million, a 1% decrease from the corresponding period last year. (2023: $13.37 million).
Loss before taxation for the first quarter ended June 30, 2024, amounted to $183.05 million, a 309% increase relative to $44.75 million reported in 2023.
Tax credit for the three months had a 125% increase to reach $15.57 million (2023: $6.91 million). Net Loss for the three months amounted to $167.48 million, a 343% increase from the $37.85 million reported in 2023.
Consequently, Loss Per Share for the three months amounted to $0.06 (2023: LPS: $0.01). The twelve-month trailing LPS was $0.22, and the number of shares used in these calculations was 3,023,506,931. Notably, RJR’s stock price closed the trading period on August 14, 2024, at a price of $0.93.
Balance Sheet Highlights
The company’s assets totalled $6.37 billion (2023: $6.80 billion). This decrease was attributable to ‘Receivables’ which amounted to $1.13 billion for the first quarter of 2024 (2023: $1.24 billion). Additionally, there were no investments reported for 2024, however the similar quarter of 2023 reported ‘Investments’ of $537.60 million which also caused a reduction in total assets.
Shareholder’s equity was $3.96 billion (2023: $4.58 billion), representing a book value per share of $1.31 (2023: $1.52).
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.
