January 17, 2022
Portland JSX Limited (PJX), for the nine months ended November 30, 2021, net profit on financial assets classified as at fair value through profit and loss amounted to US$6.43 million compared to a loss of US$1.15 million in 2020. PJX recorded net gain on financial assets classified as at fair value through profit and loss for the third quarter of US$1.78 million relative to a net gain of US$355,968 booked for the corresponding period in 2020.
Interest from loans and receivables for the nine months amounted to US$1,926, a decrease of 47% year over (2020: US$3,654). For the quarter, there was a 16% decline to US$1,025 relative to US$1,225 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, (2021: nil).
Operating expenses amounted to US$639,712 for the nine months, a 42% increase year over year (2020: US$451,923). For the quarter, there was a 26% increase from US$154,478 in 2020 to US$194,269 in 2021.
Foreign exchange gain for the nine months totaled US$111,412 compared to a gain of US$215,544 while interest expenses of US$258,632 was recorded for the nine months ended November 2021 (2020: US$261,320).
There were no taxes incurred, as such PJX recorded a net profit for the nine months period of US$5.65 million compared to a loss of US$1.52 million booked in the corresponding period in 2020. For the quarter, net profit amounted to US$1.60 million versus a net profit of US$189,356 for the similar period of 2020.
Earnings per share (EPS) for the period amounted to US$0.018 (J$2.85) compared to the loss per share of US$0.005 (J$0.72) reported in 2020. PJX’S twelve months trailing EPS is US$0.03 (J$4.69). 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$7.55.
Balance Sheet Highlights:
As at November 30, 2021, PJX recorded total assets of US$42.29 million compared to US$28.02 million reported for the corresponding period in 2020. This growth resulted from a 33% increase in ‘Financial investment, at fair value through profit or loss’ to total US$37.07 million (2020: US$27.79 million). Notably, ‘Financial investment, at fair value through other comprehensive income’ amounted to US$4.85 million as at November 30, 2021.
Total Stockholders’ equity as at November 30, 2021 closed at US$33.45 million compared to the US$24.17 million reported in 2020. This resulted in a book value per share of US$0.10 (J$16.90) compared to US$0.08 (J$11.44).
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