July 17, 2023
Portland JSX Limited (PJX), for the first quarter ended May 31, 2023, reported net loss on financial assets classified at fair value through profit & loss of US$7.02 million compared to gains of US$1.08 million in 2022.
Interest from loans and receivables for the quarter increased by 482% amounting to US$44,761 (2022: US$7,692). Dividend income from financial instruments at FVOCI was US$63,889 for the period (2022: 63,889). PJX recorded Net foreign exchange losses of US$4,789 (2022: Loss of US$37,468)
Operating Expenses, inclusive of accounting & audit Fees, directors, legal & management fees, administrative fees and other expenses decreased by 49% to US$100,748 (2022: US$199,262).
Provision for accrued interest receivable closed the quarter at US$107,627, relative to nil recorded for 2022.
Dividends paid to preference shareholders totalled US$51,111 (2022: US$51,111) while interest expense ended at US$89,279 (2022: US$74,879).
PJX incurred no taxes for the first quarter ended May 2023, as such the company recorded a net loss for the quarter of US$7.26 million compared to a profit of US$793,323 in 2022.
Loss per share (LPS) for the period amounted to US$0.023 (J$3.62) compared to an Earnings per Share (EPS) of US$0.0026 (J$0.40) reported in 2022. The trailing LPS amounts to US$0.029 (J$4.42). The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on July 14, 2023 at J$10.99.
Balance Sheet Highlights:
As at May 31, 2023, PJX had total assets valued at US$33.22 million on its balance sheet compared to US$42.21 million reported in 2022. This decline resulted from a 35% decrease in ‘Financial investment, at fair value through profit or loss’ to total US$23.71 million (2022: US$36.73 million).
Total Stockholders’ equity closed at US$24.17 million compared to the US$33.03 million reported in 2022. This resulted in a book value per share of US$0.08 (J$12.05) compared to US$0.11 (J$16.49).
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