November 14, 2024
Jetcon Corporation Limited(JETCON)
Unaudited financials for the nine months ended September 30, 2024:
Jetcon Corporation Limited (JETCON) for the nine months ended September 30, 2024 reported a 25% decline in turnover to $380.73 million compared to $508.00 million in the corresponding period last year. Turnover for the third quarter had a 7% contraction to close at $134.16 million compared to $144.54 million for the comparable quarter of 2023.
Cost of Sales amounted to $323.00 million (2023: 450.39 million), this represents a decrease of 28% year over year. Consequently, gross profit increased to $57.73 million compared to $57.61 million for the nine months ended September 30, 2023. The company recorded gross profit of $17.56 million for the third quarter versus $17.12 million reported for the similar quarter of 2023.
Total Operating Income increased by 2% to close at $58.66 million (2023: $57.61 million), while Administrative and Other Expenses increased 2% from $44.35 million in 2023 to $45.04 million in the period under review. As a result, selling and marketing expenses for the nine months ended September 30, 2024 amounted to $12.74 million, a 20% decrease relative to $15.91 million reported in 2023.
Total Expenses for the nine months ended September 30, 2024, amounted to $75.72 million, an 8% increase relative to $69.98 million reported in 2023. . Finance Costs totaled $4.40 million a surge from the corresponding period last year (2023: $28, 284). Total Expenses for the third quarter amounted to $28.37 million (2023: $24.23 million)
Loss After Taxation for the nine months ended September 30, 2024 reflected a 38% decrease to $17.06 million (2023: $12.37 million) . Total Comprehensive Loss for the nine months amounted to $17.06 million, a 38% decrease from the $12.37 million reported in 2023. For the third quarter, Total Comprehensive Loss was $10.06 million (2023: $7.12 million).
Consequently, Loss Per Share for the nine months amounted to $0.03 (2023: LPS: $0.02), while Loss Per Share for the quarter totaled $0.02 (2023: LPS: $0.01). The twelve month trailing LPS was $0.02 and the number of shares used in these calculations was 583,500,000.
Balance Sheet Highlights
The company’s assets totaled $621.84 million (2023: $747.39 million). The movement in total assets was mainly influenced by a $45.24 million decrease in ‘Inventories’ amounting to $373.70 million (2023: $418.94 million). Additionally, there was a 19% decrease in ‘Plant, property and equipment’ amounting to $171.42 million (2023: $210.80 million).
Shareholder’s equity was $557.94 million (2023: $567.18 million), representing a book value per share of $0.96 (2023: $0.97).
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