JETCON reports first quarter net loss of $1.76 million

May 24, 2023

Jetcon Corporation Limited (JETCON) for the three months ended March 31, 2023, reported a 30% fall in turnover to $179.71 million (2022: $255.07 million).

Cost of sales also decreased by 28% to $154.11 million (2022: $215.37 million), while gross profit declined 36% to $25.60 million compared to $39.70 million in 2022.

Total Expenses recorded a dip of 7% to $27.36 million (2022: $29.46 million)

Consequently, Jetcon booked a loss before taxation in the amount of $1.76 million relative to a profit of $10.24 million in 2022, representing a 117% decrease year-on-year for the period.

There were no tax charges for the period, resulting in a first quarter net loss of $1.76 million compared to a profit of $10.24 million for the corresponding quarter of 2022.

As such, the loss-per-share for the first three months of 2023 amounted to $0.003 relative to earnings per share of $0.02 for the same quarter last year. The trailing twelve months earnings per share totaled $0.006. The number of shares used in our calculation is 583,500,000. JETCON’s last traded price as at May 22, 2023, was $1.08 with a corresponding P/E of 184 times.

Balance Sheet Highlights:

The company, as at March 31, 2023, recorded total assets of $666.60 million, a decrease of 7% when compared to $718.76 million recorded last year. The decrease in the asset base was due mainly to a $22.17 million decrease in receivables which closed at $97.75 million (2022: $119.91 million).

Total Stockholders’ Equity as at March 31, 2023, closed at $577.81 million (2022: $575.69 million) resulting in a book value per share of $0.990 per share compared to $0.987 in the prior year.


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