August 15, 2024
Jetcon Corporation Limited (JETCON)
Unaudited financials for the six months ended June 30, 2024:
Jetcon Corporation Limited (JETCON), for the six months ending June 30, 2024, reported a 32% decrease in Turnover totaling $246.57 million compared to $363.46 million in the corresponding period last year. Turnover for the second quarter had a 27% decrease to close at $110.13 million compared to $183.75 million for the comparable quarter of 2023.
Cost of Sales amounted to $206.40 million (2023: $322.96 million); this represents a decrease of 36% year over year. Consequently, gross profit decreased by 1% to $40.17 million compared to $40.49 million for the six months ended June 30, 2023. The company booked a gross profit of $16.10 million for the second quarter versus $14.90 million reported for the similar quarter of 2023.
Total Operating Income decreased by 1% to close at $40.17 million (2023: $40.49 million), while Administrative and Other Expenses decreased by 10% from $29.12 million in 2023 to $26.25 million in the period under review. As a result, selling and marketing expenses for the six months ended June 30, 2024, amounted to $7.91 million, a 24% decrease relative to the $10.36 million reported in 2023.
Total Expenses for the six months ended June 30, 2024, amounted to $47.35 million, a 4% increase relative to the $45.75 million reported in 2023. Total Expenses for the second quarter amounted to $22.40 million (2023: $18.39 million). Finance Costs totaled $3.59 million, a 4206% increase from last year’s corresponding period. (2023: $83,284).
There was no reported taxation for the six months ending June 30, 2024, and the second quarter over a similar period. Profit After Taxation for the six months ending June 30, 2024, had a 33% increase to a loss of $7.00 million (2023: loss of $5.26 million). Total Comprehensive Income for the six months amounted to a loss of $7.00 million, a 33% increase from the $5.26 million reported in 2023. For the second quarter, Total Comprehensive Income loss was $6.12 million (2023: loss of $3.50 million).
Consequently, Loss Per Share for the six months amounted to $0.012 (2023: LPS: $0.009), while Loss Per Share for the quarter totaled $0.010 (2023: LPS: $0.008). The twelve-month trailing LPS was $0.01, and the number of shares used in these calculations was 583,500,000. Notably, JETCON’s stock price closed the trading period on August 11, 2024, at a price of $0.90.
Balance Sheet Highlights
The company’s assets totaled $651.43 million (2023: $726.76 million). The total decline in the company asset base is attributed to a 22% year-over-year decline in “Fixed Asset,” which closed the period at $158.72 million (2023: $202.88 million), a 67% year-over-year decrease in “Receivables” ending the quarter at $39.76 million (2023: $119.71 million) and an 81% year over year decrease in “Cash and Bank Deposits” ending the quarter at $3.15 million (2023: $16.56 million)
Shareholder’s was $568.00 million (2023: $574.30 million), representing a book value per share of $0.97 (2023: $0.98).
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