PJX reports nine months net loss of US$1.02 million

Date: January 14, 2019

For the nine months ended November 30, 2018, net loss on financial assets classified as at fair value through profit and loss amounted to US$551,463 compared to a gain of US$693,335 in 2017. PJX recorded net loss on financial assets classified as at fair value through profit and loss for the third quarter of US$113,389 relative to a net gain of US$668,158 booked for the corresponding period in 2017.

Interest from loans and receivables for the nine months amounted to US$49,040 a decrease of 70% year over (2017: US$165,177). For the quarter, there was a 51% decline to US$10,811 relative to US$21,962 in the prior year’s comparable period.

Other income for the first nine months of 2017 was US$98 compared to nil for the comparable period in 2018.

Operating expenses amounted to US$604,509 for the nine months, a 4% increase year over year (2017: US$579,697). For the quarter, there was a marginal 0.04% growth from US$190,262 in 2017 to US$190,330 in 2018.

Taxation for the period grossly increased by 635% amounting to US$2,249 relative to the US$306 recorded for the same period in 2017.

Consequently, PJX recorded a net loss for the period which amounted to US$1.02 million compared to a loss of US$282,302 booked in the corresponding period in 2017. For the quarter, net loss amounted to US$292,908 versus a net gain of US$503,553 for the similar period of 2017.

Loss per share (LPS) for the period amounted to US$0.0033 (J$0.42) compared to the loss per share of US$0.0009 (J$0.11) reported in 2017. PJX’S twelve months trailing EPS is 0.002. The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on January 14, 2019 JMD $7.50.

Balance Sheet Highlights:

As at November 30, 2018, PJX recorded total assets of US$24.72 million compared to US$24.10 million reported for the corresponding period in 2017. This growth resulted from a 42% increase in ‘Financial investment, at fair value through profit or loss’ to total US$22.50 million (2017: US$15.82 million). Notably, ‘Securities purchased under resale agreements’ fell by 80% to close at US$1.08 million relative to US$5.29 million recorded in 2017. Also, ‘Cash and short-term deposits’ declined to US$1.05 million (2017: US$2.88 million).

Total Stockholders’ equity as at November 30, 2018 closed at US$24.65 million an increase of 2% compared to the US$24.05 million reported in 2017. This resulted in a book value per share of US$0.0795 compared to US$0.0776.


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