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
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.