May 21, 2024
Jetcon Corporation Limited (JETCON)
Unaudited financials for the three months ended March 31, 2024:
Jetcon Corporation Limited (JETCON) for the three months ended March 31, 2024, reported a 24% decrease in Revenue totaling $136.44 million compared to $179.71 million in the corresponding period last year.
Cost of Sales amounted to $112.38 million (2023: $154.11 million), this represents a decrease of 27% year over year. Consequently, gross profit decreased by 6% to $24.07 million compared to $25.60 million for the three months ended March 31, 2023.
Administrative and Other Expenses decreased by 27% from $18.27 million in 2023 to $13.41 million in the period under review. As a result, selling and marketing expenses for the three months ended March 31, 2024, amounted to $3.53 million, a 36% decrease relative to $5.51 million reported in 2023.
Total Expenses for the three months ended March 31, 2024, amounted to $24.95 million, a 9% decrease relative to $27.36 million reported in 2023. Finance income totalled $1.92 million (2023: finance cost of $131,182).
Total Comprehensive Loss for the three months amounted to $885,496, a 50% decrease from the loss of $1.76 million reported in 2023.
Loss per share for the quarter amounted to $0.002 versus $0.003 reported in the previous comparable quarter. The twelve-month trailing LPS was $0.01, and the number of shares used in these calculations was 583,500,000.
Notably, JETCON’s stock price closed the trading period on May 21, 2024, at a price of $0.90.
Balance Sheet Highlights
The company’s assets totalled $680.94 million (2023: $666.60 million). This increase was attributable to a 14% increase in inventories for the first quarter of 2024 equating to $399.60 million compared to $349.95 million in 2023.
Shareholder’s equity was $574.12 million (2023: $577.81 million), representing a book value per share of $0.98 (2023: $0.99).
Disclaimer:
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.
