Date: January 15, 2020
Portland JSX Limited (PJX), for the nine months ended November 30, 2019, net gain on financial assets classified as at fair value through profit and loss amounted to US$1.94 million compared to a loss of US$551,463 in 2018. PJX recorded net gain on financial assets classified as at fair value through profit and loss for the third quarter of US$547,939 relative to a net loss of US$113,389 booked for the corresponding period in 2018.
Interest from loans and receivables for the nine months amounted to US$8,145 a decrease of 83% year over (2018: US$49,040). For the quarter, there was a 71% decline to US$3,112 relative to US$10,811 in the prior year’s comparable quarter.
Operating expenses amounted to US$648,559 for the nine months, a 7% increase year over year (2018: US$604,509). For the quarter, there was a 24% decline from US$190,330 in 2018 to US$144,217 in 2019.
Foreign exchange loss year to date totaled US$10,358 (2018: nil), while interest expenses of US$106,725 was recorded for the nine months ended November 2019 (2018: nil).
There were no taxes incurred, as such PJX recorded a net profit for the period of US$1.19 million compared to a loss of US$1.02 million booked in the corresponding period in 2018. For the quarter, net profit amounted to US$295,756 versus a net loss of US$292,908 for the similar period of 2018.
Earnings per share (EPS) for the period amounted to US$0.0038 (J$0.52) compared to the loss per share of US$0.0033 (J$0.42) reported in 2018. PJX’S twelve months trailing EPS is US$0.003. The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on January 15, 2020 at J$9.00.
Balance Sheet Highlights:
As at November 30, 2019, PJX recorded total assets of US$29.15 million compared to US$24.72 million reported for the corresponding period in 2018. This growth resulted from a 27% increase in ‘Financial investment, at fair value through profit or loss’ to total US$28.49 million (2018: US$22.50 million). Notably, ‘Securities purchased under resale agreements’ fell by 55% to close at US$486,011 relative to US$1.08 million recorded in 2018. Also, ‘Cash and short-term deposits’ declined to US$136,782 (2018: US$1.05 million).
Total Stockholders’ equity as at November 30, 2019 closed at US$25.53 million an increase of 4% compared to the US$24.65 million reported in 2018. This resulted in a book value per share of US$0.082 (J$11.19) compared to US$0.080 (J$10.16).
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 effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
