November 14, 2024
RADIO JAMAICA LIMITED (RJR)
Unaudited financials for the six months ended September 30, 2024:
Radio Jamaica Limited (RJR) for the six months ended September 30, 2024, reported a 1% decrease in Revenue totaling $2.69 billion compared to $2.73 billion in the corresponding period last year. Revenue for the second quarter had a 4% increase to close at $1.49 billion compared to $1.43 billion for the comparable quarter of 2023.
Direct expenses amounted to $1.32 billion (2023: $1.23 billion), this represents an increase of 8% year over year. Consequently, gross profit decreased by 9% to $1.37 billion compared to $1.50 billion for the six months ended September 30, 2023. The company booked gross profit of $743.85 million for the second quarter versus $760.62 million reported for the similar quarter of 2023.
Administration expenses increased by 1% to close at $792.63 million (2023: $788.24 million), while Selling expenses increased by 1% from $524.81 million in 2023 to $531.52 million in the period under review.
Operating Loss for the six months ended September 30, 2024, amounted to $274.02 million, a 170% increase relative to the Operating Loss of $101.50 million reported in 2023. Operating Loss for the second quarter amounted to $104.15 million (2023: Operating Loss of $70.12 million). Finance Costs totalled $27.10 million a 19% increase from the corresponding period last year. (2023: $22.72 million).
Loss before taxation for the six months ended September 30, 2024, amounted to $301.11 million, relative to the Loss before taxation of $124.22 million reported in 2023. Loss before taxation for the second quarter amounted to $118.06 million (2023: Loss before taxation of $79.47 million).
Tax Credit for the six months ended September 30, 2024 had a 41% increase to reach $30.52 million (2023: $21.59 million) . Net Loss for the six months amounted to $270.60 million, from the Net Loss of $102.63 million reported in 2023. For the second quarter, Net Loss was $103.12 million (2023: Net Loss of $64.78 million).
Consequently, Loss Per Share for the six months amounted to $0.09 (2023: LPS: $0.03), while Loss Per Share for the quarter totaled $0.03 (2023: LPS: $0.02). The twelve month trailing LPS was $0.23 and the number of shares used in these calculations was 3,023,506,931.
Notably, RJR’s stock price closed the trading period on November 14, 2024, at a price of $1.20.
Balance Sheet Highlights
The company’s assets totalled $6.03 billion (2023: $6.81 billion). This decrease was attributable to ‘Receivables’ which amounted to $1.041 billion (2023: $1.083 billion).
Shareholders’ equity was $3.86 billion (2023: $4.47 billion), representing a book value per share of $1.28 (2023: $1.48).
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