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).
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