January 13, 2023
Portland JSX Limited (PJX)
For the nine months ended November 30, 2022:-
- Portland JSX Limited (PJX), for the nine months ended November 30, 2022, reported Net loss on financial assets classified at fair value through profit & loss of US$963,300 compared to gains of US$6.43 million in 2021, for the second quarter the company reported a Net Loss on Financial assets of US$1.88 million (2021: gain of US$1.78 million).
- Interest income for the period increased by 8,397% amounting to US$163,661 (2021: $1,926). Interest income for the quarter grew to US$106,215 from US$1,025 in 2021.
- Dividend income from financial instruments at FVOCI was US$190,972 for the nine months period (2021: nil). Dividend income for the quarter amounted to US$63,194 (2021: nil).
- PJX recorded nine months Net foreign exchange loss of US$38,629 compared to a gain of US$111,412 in 2021. Foreign exchange gain for the quarter amounted to US$98,492 compared to a Foreign exchange gain US$98,110 in 2021.
- Operating Expenses, inclusive of accounting & audit Fees, directors, legal & management fees, administrative fees and other expenses decreased by 47% to US$341,488 (2021: US$639,712).
- Dividends paid to preference shareholders totalled $152,778 (2021: nil) while interest expense ended at US$243,310 (2021: US$258,632).
- PJX incurred no taxes for the nine months ended November 30, 2022, as such the company recorded nine months net loss of US$1.35 million compared to net profit of US$5.65 million in 2021. For the quarter the company reported a net loss of US$1.73 million compared to a net profit of US$1.6 million in 2021.
- Loss per share (LPS) for the nine month period amounted to US$0.0044 (J$0.68) compared to an Earnings per Share of US$0.0182 (J$2.85) reported in 2021. Loss per share (LPS) for the third quarter amounted to US$0.0056 (J$0.86) compared to an earnings per share (EPS) of US$0.0052 (J$0.81) in 2021. PJX’s trailing twelve months (TTM) loss per shares equates to US$0.008 (J$1.36). The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on January 12, 2023 at J$10.00.
Balance Sheet Highlights
- As at November 30, 2022, PJX had total assets valued at US$40.12 million on its balance sheet compared to US$42.29 million reported in 2021. This decline resulted from a 28% decrease in ‘Financial Investments, at fair value through profit or loss’ to total US$26.5 million (2021: US$37.07 million).
- Total Stockholders’ equity closed at US$30.88 million compared to the US$33.45 million reported in 2021. This resulted in a book value per share of US$0.10 (J$15.44) compared to US$0.11 (J$16.91).
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 affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.