January 14, 2025
Portland JSX Limited (PJX)
Unaudited financials for the nine months ended November 30, 2024:
Portland JSX Limited (PJX) reported a 101% increase in net gain on financial assets classified as at fair value through Profit or loss totaling US$51,895 for the nine months ended November 30, 2024, compared to a loss of US$8.49 million in the corresponding period last year. Net gain on financial assets classified as at fair value through Profit or loss for the third quarter had a 1301% increase to close at US$2.05 million compared to a loss of US$171,047 for the comparable quarter of 2023.
Interest from loans and receivables amounted to US$174,162 (2023: US$143,048), an increase of 22%. Consequently, dividend income decreased by 100% to nil compared to US$63,889 for the nine months ended November 30, 2023.
Foreign Exchange Gain decreased by 1% to close at US$36,349 (2023: US$36,848), while Net interest expense increased by 103% from a loss of US$8.25 million in 2023 to net interest income of US$262,406 in the period under review. As a result, operating expenses for the nine months ended November 30, 2024, amounted to US$777,554, a 186% increase relative to US$272,186 reported in 2023.
Operating Profit before finance costs for the nine months ended November 30, 2024, amounted to a loss of US$515,148, a 94% increase relative to a loss of US$8.68 million reported in 2023. No dividends were paid to holders of redeemable preference shares, which totaled a 100% decrease from last year’s corresponding period. (2023: US$51,111).
Interest Expense on bond payable for the nine months ended November 30, 2024, amounted to US$230,425, a 7% decrease relative to US$246,697 reported in 2023. Interest Expense on bonds payable for the third quarter amounted to US$62,668 (2023: US$77,549).
Loss for the nine months ended November 30, 2024,recorded loss of US$745,573 (2023: loss of US$8.98 million). For the third quarter, Profit for the period was US$1.82 million (2023: loss of US$264,728).
Consequently, Loss Per Share for the nine months amounted to US$0.24 (2023: LPS of US$2.90), while Earnings Per Share for the quarter totaled US$0.59 (2023: LPS of US$0.09). The twelve-month trailing LPS was US$8.65, and the number of shares used in these calculations was 309,968,261.
Notably, PJX’s stock closed the trading period on January 13, 2025, at 10.80.
Balance Sheet Highlights
The company’s assets totaled US$27.88 million (2023: US$26.79 million). The company’s total asset base growth is primarily driven by a 47% year-over-year increase in “Cash and short-term deposits,” which amounted to US$5.05 million at the end of the period, up from US$3.43 million in 2023.
Shareholder equity was US$23.28 million (2023: US$22.29 million), representing a book value per share of US$7.51 (2023: US$7.19).
Disclaimer:
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.
