PJX reports nine months net loss of US$1.52 million

January 15, 2021

Portland JSX Limited (PJX), for the nine months ended November 30, 2020, net loss on financial assets classified as at fair value through profit and loss amounted to US$1.15 million compared to a gain of US$1.94 million in 2019. PJX recorded net gain on financial assets classified as at fair value through profit and loss for the third quarter of US$355,968 relative to a net gain of US$547,939 booked for the corresponding period in 2019.

Interest from loans and receivables for the nine months amounted to US$3,654, a decrease of 55% year over (2019: US$8,145). For the quarter, there was a 61% decline to US$1,225 relative to US$3,112 in the prior year’s comparable quarter.

Distribution of partnership interest income for the nine months and third quarter ended November 30, 2020 amounted to US$128,901.

Operating expenses amounted to US$451,923 for the nine months, a 30% decrease year over year (2019: US$648,559). For the quarter, there was a 7% increase from US$144,217 in 2019 to US$154,478 in 2020.

Foreign exchange gain for the nine months totaled US$215,544 compared to a loss of US$10,358 while interest expenses of US$261,320 was recorded for the nine months ended November 2020 (2019: US$106,725).

There were no taxes incurred, as such PJX recorded a net loss for the nine months period of US$1.52 million compared to a gain of US$1.19 million booked in the corresponding period in 2019. For the quarter, net profit amounted to US$189,356 versus a net profit of US$295,756 for the similar period of 2019.

Loss per share (LPS) for the period amounted to US$0.0049 (J$0.72) compared to the loss per share of US$0.0038 (J$0.52) reported in 2019. PJX’S twelve months trailing LPS is US$0.001. The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on January 14, 2021 at J$9.15.

Balance Sheet Highlights:

As at November 30, 2020, PJX recorded total assets of US$28.02 million compared to US$29.15 million reported for the corresponding period in 2019. This growth resulted from a 2% decrease in ‘Financial investment, at fair value through profit or loss’ to total US$27.79 million (2019: US$28.49 million). Notably, ‘Securities purchased under resale agreements’ fell by 61% to close at US$187,894 relative to US$486,011 recorded in 2019. Also, ‘Cash and short-term deposits’ declined 99%to US$1,711 (2019: US$136,782) and ‘Receivables’ rose 6% to $37,486 (2019: US$35,459).

Total Stockholders’ equity as at November 30, 2020 closed at US$24.17 million compared to the US$25.53 million reported in 2019. This resulted in a book value per share of US$0.09 (J$11.44) compared to US$0.09 (J$11.19).

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