JETCON reports 12% increase in first quarter net profit

May 17, 2020

Jetcon Corporation Limited (JETCON) for the three months ended March 31, 2021, reported an 11% fall in turnover to $202.15 million (2020: $227.76 million).

Cost of sales also decreased by 13% to $166.98 million (2020: $191.13 million), while gross profit declined 4% to $35.17 million compared to $36.63 million in 2020.

Total Expenses recorded a dip of 10% to $23.62 million (2020: $26.32 million). This was as a result of selling and marketing expenses falling to $6.16 million (2020: $7.10 million). Administrative and other expenses recorded a decline of 20%, to close at $11.65 million (2020: $14.60 million). Other operating cost and finance costs for the first quarter increased to $4.75 (2020: $3.71 million) and $1.07 million ($910,000), respectively.

Consequently, Jetcon booked profit before taxation in the amount of $11.55 million relative to $10.31 million in 2020 representing a 12% decrease year-on-year for the period.

There were no tax charges for the period, resulting in a first quarter net profit of $11.55 million compared to $10.31 million for the corresponding quarter of 2020.

As such, the earnings-per-share for the first three months of 2021 amounted to $0.02 relative to $0.02 for the same quarter last year. The trailing twelve months loss per share totaled $0.01. The number of shares used in our calculation is 583,500,000. JETCON’s last traded price as at May 14, 2021, was $0.87.

Balance Sheet Highlights:

The company, as at March 31, 2021, recorded total assets of $608.37 million, an decrease of 14% when compared to $709.41 million recorded last year. The decrease in the asset base was due mainly to a $154.06 million decrease in inventory which closed at $323.67 million (2020: $477.73 million).

Total Stockholders’ Equity as at March 31, 2021, closed at $552.13 million (2020: $557.65 million) resulting in a book value per share of $0.95 per share compared to $0


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