August 18, 2023
Jetcon Corporation Limited (JETCON) for the six months ended June 30, 2023 reported a 28% decrease in Turnover totaling $363.46 million compared to $506.41 million in the corresponding period last year. Turnover for the second quarter had a 27% decrease to close at $184.26 million compared to $251.58 million for the comparable quarter of 2022.
Cost of Sales amounted to $322.96 million (2022: $434.47 million), this represents a decrease of 26% year over year. Consequently, gross profit decreased by 44% to $40.49 million compared to $71.94 million for the six months ended June 30, 2022. The company booked gross profit of $14.29 million for the second quarter versus $32.21 million reported for the similar quarter of 2022.
Administrative and Other Expenses decreased by 16% from $34.47 million in 2022 to $29.12 million in the period under review. As a result, selling and marketing expenses for the six months ended June 30, 2023 amounted to $10.36 million, a 30% decrease relative to $14.70 million reported in 2022.
Total Expenses for the six months ended June 30, 2023, amounted to $45.75 million, a 21% decrease relative to $57.81 million reported in 2022. Total Expenses for the second quarter amounted to $22.50 million (2022: $28.02 million). Finance Costs totalled $83,284 a 62% increase from the corresponding period last year (2022: $51,423).
Loss After Taxation for the six months ended June 30, 2023 amounted to $5.26 million (2022: profit of $14.13 million) . Total Comprehensive Loss for the six months amounted to $5.26 million from the Income of $14.13 million reported in 2022. For the second quarter, Total Comprehensive Loss was $8.21 million (2022: Profit of $4.19 million).
Consequently, Loss Per Share for the six months amounted to $0.01 (2022: EPS: $0.02), while Loss Per Share for the quarter totaled $0.01 (2022: EPS: $0.01). The twelve-month trailing EPS was $0.009 and the number of shares used in these calculations was 583,500,000.
Notably, JETCON’s stock price closed the trading period on August 17, 2023 at a price of $1.01 with a corresponding P/E ratio of 109.80x.
Balance Sheet Highlights
The company, as at June 30, 2023 recorded total assets of $726.76 million, a 12% increase when compared to $651.50 million recorded last year. This rise was primarily attributable to ‘Receivables’ which totalled $119.71 million (2022: $78.61 million). The increase was offset by a decline in ‘Cash and Bank Deposit’ by $1.47 million to close at $16.56 million (2022: $18.04 million).
Shareholder’s equity was $574.30 million (2022: $570.14 million), representing a book value per share of $0.984 (2022: $0.977).
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