JETCON reports 70% decrease in six months net profit

Date: August 15, 2019

JETCON for the six months ended June 30, 2019 reported total turnover of $467.17 million, 23% less than the $606.52 million reported for the corresponding period in 2018.

Cost of Sales for the period decreased 21% to $386.80 million (2018: $486.88 million), As such, Gross Profit for the period decreased by 33% to $80.37 million compared to $119.64 million in 2018.

Total Expenses for the period increased by 44% to $56.48 million (2018: $39.13 million). Of this, Selling and Marketing Expenses for the period decreased to $12.01 million (2018: $13.59 million), while Administrative and Other Expenses recorded an increase of 11%, closing at $19.59 million (2018: $17.58 million). Finance costs closed the period at $394,147 a 33% decrease when compared to the $591,682 million the prior year. Other operating cost for the six months closed $24.49 million relative to $7.38 million booked for the corresponding period  2018.

Consequently, Profit Before Taxation amounted to $23.89 million relative to $80.50 million in 2018, representing a 70% decrease year-on-year for the period.

There were no taxation charges for the period as such, net profit for the period amounted to $23.89 million relative to $80.50 million. While, net profit for the quarter decreased by 75%, to total $8.67 million (2018: $34.70 million)

Total comprehensive income for the period amounted to $23.89 million (2018: $80.53 million).

As such, the earnings-per-share for the year amounted to $0.04 relative to $0.14 last year. The twelve months EPS is 0.06 where the number of shares used in our calculation is 583,500,000. JETCON’s last traded price as at August 14, 2019, was $2.00.

Balance Sheet Highlights:

The company, as at June 30, 2019 recorded Total Assets of  $623.11 million, an increase of 14% when compared to $548.06 million recorded last year. This increase was primarily attributable to the 10% and 14% increase in ‘Fixed Assets’ and ‘Inventories’ respectively to total $85.24 million (2018: $77.26 million)and $477.65 million (2018: $418.33 million) respectively.

Total Stockholders’ Equity as at June 30, 2019, closed at $528.44 million, compared to $513.56 million for the corresponding period last year. This resulted in a book value per share of $0.91 per share compared to $0.88 as at June 30, 2018.

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