May 1, 2025
Portland JSX Limited (PJX)
Audited financials for the twelve months ended February 28, 2025:
Portland JSX Limited (PJX) reported a 47% increase in Net gain on financial assets classified as at fair value through a loss totaling US$3.16 million for the twelve months ended February 28, 2025, compared to a loss of US$5.99 million in the corresponding period last year. Net gain on financial assets classified as at fair value through Profit or Loss for the fourth quarter had a 79% increase to close at a loss of US$3.10 million compared to a loss of US$14.48 million for the comparable quarter of 2024.
Interest income from loans and receivables amounted to US$228,501 (2024: US$189,687), an increase of 20% yearly. Consequently, there was no dividend income for the period compared to US$63,889 for the twelve months ended February 28, 2024.
Foreign Exchange Gain increased by 275% to close at US$19,563 (2024: loss of US$11,151), while Net interest expense decreased by 49% from US$5.75 million in 2024 to US$2.91 million in the period under review. As a result, operating expenses for the twelve months ended February 28, 2025, amounted to US$1.02 million, a 5% increase relative to US$968,763 reported in 2024.
Operating loss before finance costs for the twelve months ended February 28, 2025, amounted to US$3.92 million, a 43% increase relative to a loss of US$6.88 million reported in 2024. Operating loss before finance costs for the fourth quarter amounted to US$3.41 million (2024: profit of US$1.80 million). No dividends were paid to holders of redeemable preference shares over the last 12 months, which represents a 100% decrease from last year’s corresponding period (2024: US$51,111).
Interest Expense on bond payable for the twelve months ended February 28, 2025, amounted to US$307,035, a 2% decrease relative to US$313,233 reported in 2024. Interest Expense on bonds payable for the fourth quarter amounted to US$76,610 (2024: US$66,536).
Loss for the twelve months ended February 28, 2025, increased by 42% to reach US$4.23 million (2024: Loss of US$7.24 million). For the fourth quarter, the loss for the period was US$3.49 million (2024: profit of US$1.73 million).
Consequently, Loss Per Share for the twelve months amounted to US 1.37 cents (2024: loss per share US 2.34 cents), while Loss Per Share for the quarter totaled US 1.12 cents (2024: EPS: US 0.56 cents). The twelve-month trailing LPS was J$2.15, and the number of shares used in these calculations was 309,968,261.
Notably, PJX’s stock closed the trading period on April 30, 2025, at 10.70.
Balance Sheet Highlights
The company’s assets totaled US$24.57 million (2024: US$27.97 million). The overall reduction in the company’s asset base is due to a 25% year-over-year decline in financial investments, which ended the year at US$18.51 million (compared to US$24.59 million in 2024), a 66% drop in securities purchased under resale agreements, closing the year at US$176,610 (down from US$523,936 in 2024), and a 63% decrease in loans and receivables, which ended the year at US$29,391 (versus US$80,236 in 2024).
Shareholder’s equity was US$19.79 million (2024: US$24.03 million), representing a book value per share of US 6.39 cents (2024: US 7.75 cents).
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