PJX reports 57% increase in year end net profit

April 29, 2021

Portland JSX Limited (PJX) reported net gains on financial assets classified as at fair value through profit and loss of US$2.60 million compared to a gain of US$2.31 in 2020. PJX recorded a net gain on financial assets classified as at fair value through profit and loss for the fourth quarter of US$3.76 million relative to a net gain of US$365,407 booked for the corresponding period in 2020.

Interest from loans and receivables for the year end amounted to US$4,428, reflecting a decrease of 57% year over year (2020: US$10,280). For the quarter, there was a 64% decline to US$774 (2020: US$2,135), relative to the comparable period in 2020.

Distribution of partnership interest income for the year amounted to US$128,901 (2020: nil). Foreign Exchange Gain for the year end closed at US$330,112 (2020: US$17,801). As a result, net interest profit of US$3.07 million was booked for the period under review versus a profit of US$2.34 million booked at the end of 2020.

For the quarter net interest profit amounted to US$4.09 million versus a profit of US$385,343 booked for 2020 fourth quarter.

Operating expenses declined by 27% to US$604,510 (2020: US$828,343). For the quarter, there was a decline by 15% from US$179,784 in 2020 to US$152,587 for the quarter ended February 2021.

Interest expenses for the period under review closed at US$346,641 (2020: US$163,584).

There was no taxation booked for the period under review (2020: nil), as a result, PJX recorded net profit for the period which amounted to US$2.12 million compared to net profit of US$1.35 million booked in the corresponding period in 2020. For the quarter, net profit amounted to US$3.63 million versus profit of US$159,058 for the similar period in 2020.

Earnings per share (EPS) for the period amounted to US$0.0068 (J$1.04) compared to the EPS of US$0.0043 (J$0.59) reported in 2020. While, for the quarter, EPS amounted to US$0.01172 (J$1.78) compared to an EPS of US$0.00051 (J$0.07) recorded in the same period last year. The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on April 28, 2021 at J$8.00 with a corresponding P/E of 7.71 times.

Balance Sheet Highlights:

As at February 2021, PJX recorded total assets of US$31.55 million compared to US$29.30 million reported for the corresponding period in 2020. This increase resulted from a 9% or US$2.57 million rise in ‘Financial investment, at fair value through profit or loss’ to US$31.43 million (2020: US$28.86 million).

Total Shareholders’ Equity as at February 2021 closed at US$27.80 million, an increase of 8% compared to the US$25.69 million reported at the end of 2020. This resulted in a book value per share of US$0.0897 (J$13.63) versus US$0.0829 (J$11.35) booked twelve months earlier.


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