October 17, 2023
Portland JSX Limited (PJX)
Unaudited financials for the six months ended August 31, 2023:
Portland JSX Limited (PJX) for the six months ended August 31, 2023 reported a 1003% decrease in Net loss on financial assets classified as at fair value through profit & loss of US$8.32 million compared to gains of US$920,949 in the corresponding period last year. Net loss on financial assets classified as at fair value through profit & loss for the second quarter had a 696% decrease to close at US$1.30 million compared to US$163,513 for the comparable quarter of 2022.
Interest from loans and receivables amounted to US$93,663 (2022: US$57,446), this represents an increase of 63% year over year.
Dividend income decreased by 50% to US$63,889 compared to US$127,778 for the six months ended August 31, 2022. The company booked dividend income of US$0. (2022: US$63,889).
Foreign Exchange gain amounted US$12,852 (2022: Foreign Exchange Loss of US$137,121).
Net interest income decreased by 941% from US$969,052 in 2022 to a loss of US$8.15 million in the period under review.
Operating expenses for the six months ended August 31, 2023 amounted to US$182,674, a 44% decline relative to US$326,469 reported in 2022.
PJX reported an impairment loss year to date of US$159,294 compared to nil for the corresponding period last year.
Operating loss for the six months ended August 31, 2023, amounted to US$8.49 million, relative to operating profit of US$642,583 reported in 2022. Operating loss for the second quarter amounted to US$1.38 million (2022: US$276,732).
Dividend paid to holder of redeemable preference shares totalled US$51,111 a 50% decrease from the corresponding period last year. (2022: US$102,222).
Interest Expense on bond payable for the six months ended August 31, 2023, amounted to US$169,148, a 3% increase relative to US$163,680 reported in 2022.
Net loss for the six months ended August 31, 2023 had a 2413% decrease to reach US$8.71 million (2022: Profit of US$376,681. For the second quarter, Net loss reported was US$1.46 million. (2022: US$416,643).
Consequently, Loss Per Share for the six months amounted to US2.81cents (2022: EPS US0.12cents), while Loss Per Share for the quarter totaled US0.47cents (2022: LPS US0.13cents). The twelve-month trailing LPS was US3.2 cents and the number of shares used in these calculations was 309,968,261.
Notably, PJX’s stock price closed the trading period on October 13, 2023 at a price of 10.83.
Balance Sheet Highlights
The Company’s assets totalled US$26.50 million (2022: US$41.85 million). The decline in total assets was particularly due to ‘Securities purchased under resale agreements’ falling 93% to close at US$694,542. ‘Financial investment, at fair value through profit or loss’ decreased 15% from US$26.44 million to US$22.36 million, while ‘Financial investment, at fair value through other comprehensive income’ fell 100% from US$5.00 million.
Shareholder’s equity was US$22.56 million (2022: US$32.61 million), representing a book value per share of US7.28 cents. (2022: US10.52 cents).
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