October 14, 2024

Portland JSX Limited (PJX)

Unaudited financials for the six months ended August 31, 2024:

Portland JSX Limited (PJX) for the six months ended August 31, 2024, reported a 76% decrease in Net losses on financial assets classified as at fair value totaling US$2.00 million compared to US$8.32 million in the corresponding period last year. Net losses on financial assets classified as at fair value for the second quarter had a 2% increase to close at US$1.33 million compared to US$1.30 million for the comparable quarter of 2023.

Interest from loans and receivables amounted to US$113,392 (2023: US$93,663), this represents an increase of 21% year over year, while foreign exchange gains increased by 213% to close at US$40,212 (2023: US$12,852). Consequently, Total losses decreased from US$8.15 million in 2023 to US$1.85 million in the period under review.

Operating expenses for the six months ended August 31, 2024, amounted to US$515,903, a 182% increase relative to US$182,674 reported in 2023.

Operating loss for the six months ended August 31, 2024, amounted to US$2.36 million, a 72% decrease relative to US$8.49 million reported in 2023. Operating loss for the second quarter amounted to US$1.45 million (2023: US$1.38 million).

Interest Expense for the six months ended August 31, 2024, amounted to US$167,757, a 1% decrease relative to US$169,148 reported in 2023.

No taxes were reported. Net loss for the six months ended August 31, 2024, had a 71% decrease to reach US$2.53 million (2023: US$8.71 million). For the quarter, Net loss amounted to US$1.52 million (2023: US$1.46 million).

Consequently, Loss Per Share for the six months amounted to US0.82cents (2023: LPS: US2.81cents), while Loss Per Share for the quarter totaled US0.49cents (2023: LPS: US0.47cents). The twelve-month trailing LPS was US0.34cents and the number of shares used in these calculations was 309,968,261.

Notably, PJX’s stock price closed the trading period on October 11, 2024, at a price of 10.80.

Balance Sheet Highlights

The company’s assets totalled US$26.04 million (2023: US$26.50 million). The movement in total assets was influenced mainly by a US$2.62 million decline in ‘Financial Investments’, while ‘Cash and short-term deposits’ increased by US$1.80 million during the period.

Shareholder’s equity was US$21.49 million (2023: US$22.56 million), representing a book value per share of US$0.07 (2023: US$0.07).

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