June 15, 2021

(expressed in United states dollars unless otherwise stated)

Portland JSX Limited (PJX), for the three months ended May 31, 2021, reported net gain on financial assets classified as at fair value through profit or loss of $750,683 compared to a net loss of $1.33 million recorded in the same period last year.

Interest from loans and receivables amounted to $413, a 65% decline year over year when compared to $1,186 booked for the quarter ended May 2020.

PJX booked a foreign exchange loss of $43,064 for the period under review relative to a gain of $163,757 for the first quarter ended May 2020.

Interest expense for the quarter amounted to $95,833 compared to $84,623 for the corresponding quarter of 2020.

Operating expenses totalled $257,601, a 63% increase relative to $157,936 reported in the prior year’s comparable quarter.

Consequently, profit before taxation amounted to $354,598 compared to a loss before taxation of $1.40 million recorded in the same period in 2020.

There were no taxes for the period under review (2020: nil), resulting in net profit for the period of $354,598 versus a net loss of $1.40 million booked in the corresponding quarter in 2020.

Earnings per share for the quarter amounted to $0.0011 (J$0.17) compared to a loss per share of $0.0045 (J$0.65) documented in 2020. PJX’S twelve months trailing EPS is $0.012. The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on July 14, 2021 J$7.12.

Balance Sheet Highlights:

As at May 31, 2021, PJX recorded total assets of $32.26 million compared to $28.15 million reported for the corresponding period in 2020. This improvement was as a result of a $3.98 million or 14% increase in ‘Financial investment, at fair value through profit or loss’ to total $31.72 million (2020: $27.73 million).

Total Stockholders’ equity as at May 31, 2021 closed at $28.16 million 16% more than $24.28 million reported in 2020. This resulted in a book value per share of $0.091 (J$13.54), relative to $0.078 (J$11.24) recorded for the similar period in 2020.

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