July 15, 2020
(expressed in United States dollars unless otherwise stated)
Portland JSX Limited (PJX), for the three months ended May 31, 2020, reported net loss on financial assets classified as at fair value through profit and loss of $1.33 million compared to a gain of $276,758 recorded in the same period last year.
Interest from loans and receivables amounted to $1,186, a 56% decline year over year when compared to $2,715 booked for the quarter ended May 2019.
PJX booked a foreign exchange gain booked of $163,757 (2019: nil) for the first quarter ended May 2020.
Interest expense for the quarter amounted to $84,623 compared to nil for the corresponding quarter of 2019.
Operating expenses totalled $157,936, a 14% decline relative to $184,677 reported in the prior year’s comparable quarter.
Consequently, loss before taxation amounted to $1.40 million compared to profit before taxation of $94,796 recorded in the same period in 2019.
Taxation for the period under review was nil as the previous correspond quarter, resulting in net loss for the period of $1.40 million versus a net profit of $94,796 booked in the corresponding quarter in 2019.
Loss per share for the quarter amounted to $0.0045 (J$0.65) compared to earnings per share of $0.0003 (J$0.04) documented in 2019. PJX’S twelve months trailing LPS is 0.00049. The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on July 15, 2020 J$8.18.
Balance Sheet Highlights:
As at May 31, 2020, PJX recorded total assets of $28.15 million compared to $24.50 million reported for the corresponding period in 2019. This improvement was as a result of a $3.84 million or 16% increase in ‘Financial investment, at fair value through profit or loss’ to total $27.73 million (2019: $23.89 million).
Total Stockholders’ equity as at May 31, 2020 closed at $24.28 million 1% less than $24.44 reported in 2019. This resulted in a book value per share of $0.078 (J$11.28), relative to $0.079 (J$10.38) recorded for the similar period in 2019.
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.