November 20, 2023
Jetcon Corporation Limited (JETCON) for the nine months ended September 30, 2023 reported a 37% decrease in Turnover totaling $508.00 million compared to $807.36 million in the corresponding period last year. Turnover for the third quarter had a 52% decrease to close at $144.54 million compared to $300.95 million for the comparable quarter of 2022.
Cost of Sales amounted to $450.39 million (2022: $694.02 million), this represents a decrease of 35% year over year. Consequently, gross profit decreased by 49% to $57.61 million compared to $113.34 million for the nine months ended September 30, 2022. The company booked gross profit of $17.12 million for the third quarter versus $41.23 million reported for the similar quarter of 2022.
Total Operating Income decreased by 49% to close at $57.61 million (2022: $113.34 million), while Administrative and Other Expenses decreased by 15% from $52.04 million in 2022 to $44.35 million in the period under review. As a result, selling and marketing expenses for the nine months ended September 30, 2023 amounted to $15.91 million, a 31% decrease relative to $22.91 million reported in 2022.
Total Expenses for the nine months ended September 30, 2023, amounted to $69.98 million, a 20% decrease relative to $87.39 million reported in 2022. Total Expenses for the third quarter amounted to $24.23 million (2022: $29.59 million). Finance Costs totalled $28,384 a 95% decrease from the corresponding period last year. (2022: $587,778).
There was no Taxation for the nine months ended September 30, 2023.
Loss After Taxation for the nine months ended September 30, 2023 amounted to $12.37 million (2022: profit of $25.95 million) . Total Comprehensive Loss for the nine months amounted to $12.37 million, from the income of $25.95 million reported in 2022. For the third quarter, Total Comprehensive Loss was $7.12 million (2022: income of $11.64 million).
Consequently, Loss Per Share for the nine months amounted to $0.021 (2022: EPS: $0.04), while Loss Per Share for the quarter totaled $0.01 (2022: EPS: $0.02). The twelve-month trailing LPS was $0.02 and the number of shares used in these calculations was 583,500,000.
Notably, JETCON’s stock price closed the trading period on November 17, 2023 at a price of $0.90.
Balance Sheet Highlights
The company, as at September 30, 2023 recorded total assets of $747.39 million, an increase of 2% when compared to $732.52 million recorded last year. This growth was primarily attributable to the 61% in ‘Receivables’ to total $92.97 million (2022: $57.92 million).
Shareholder’s equity was $567.18 million (2022: $581.96 million), representing a book value per share of $0.97 (2022: $1.00).
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