PJX reports net loss of US$1.32 million for the year ended February 2019

Date: April 29, 2019

Portland JSX Limited (PJX) reported net loss on financial assets classified as at fair value through profit and loss of US$665,282 compared to a gain of US$2.07 million in 2018. PJX recorded a net loss on financial assets classified as at fair value through profit and loss for the fourth quarter of US$113,819 relative to a net loss of US$257,723 booked for the corresponding period in 2018.

Interest from loans and receivables for the year end amounted to US$55,191 a decrease of 69% year over year (2018: US$175,283). For the quarter, there was a 39% decline to US$6,151 (2018: US$10,106).

Distribution of partnership interest income for the year end closed at US$93,108 versus US$435,612 in the prior comparable period in 2018.

Operating expenses went up by 2% to US$802,675 (2018: US$787,309). For the quarter, there was a decline by 5% from US$207,612 to US$198,166 for the year ended February 2019.

After taxation of US$2,249 (2018: US$306), PJX recorded net loss for the period which amounted to US$1.32 million compared to profit of US$1.89 million booked in the corresponding period in 2018. For the quarter, net loss amounted to US$305,834 versus profit of US$1.62 million for the similar period in 2018.

Loss per share (LPS) for the period amounted to US$0.0043 (J$0.55) compared to the earnings per share of US$0.0061 (J$0.78) reported in 2018. The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on April 26, 2019 J$7.50.

Balance Sheet Highlights:

As at February 2019, PJX recorded total assets of US$24.44 million compared to US$25.74 million reported for the corresponding period in 2018. This decline resulted from an 81% decline in ‘Securities purchased under resale agreements’ and an 85% decrease in ‘Cash and Short-term deposits’ closing the period at US$365,473 (2018: US$1.94 million) and US$237,545 (2018: US$1.64 million), respectively. Also, ‘Loans and Receivables’ fell by 23% to US$53,962 (2018: US$69,693).

Total Shareholders’ Equity as at February 2019 closed at US$24.34 million, a decrease of 5% compared to the US$25.66 million reported in 2018. This resulted in a book value per share of US$0.079 (2018: US$0.083).




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