October 15, 2020
Portland JSX Limited (PJX), for the six months ended August 31, 2020, net loss on financial assets classified as at fair value through profit and loss amounted to US$1.51 million compared to a gain of US$1.40 million in 2019. PJX recorded net loss on financial assets classified as at fair value through profit and loss for the second quarter of US$182,450 relative to a net gain of US$1.12 million booked for the corresponding period in 2019.
Interest from loans and receivables for the six months amounted to US$2,429 a decrease of 52% year over year (2019: US$5,033). For the quarter, there was a 46% decline to US$1,243 relative to US$2,318 in the prior year’s comparable period.
As a result, net interest expense amounted to US$1.51 million relative to a net interest profit of US$1.41 million for the first six months of 2019.
Operating expenses amounted to US$297,445 for the six months, a 41% decrease year over year (2019: US$504,342). For the quarter, there was a 56% decline from US$319,665 in 2019 to US$139,509 in 2020.
Interest expense for the period grossly increased by 1389% amounting to US$174,278 relative to the US$11,703 recorded for the same period in 2019.
Foreign exchange gains closed the period under review at US$270,762 (2019: US$5,698). While, for the quarter, foreign exchange gains totalled US$107,005 (2019: US$5,698).
Consequently, PJX recorded a net loss for the period which amounted to US$1.71 million compared to a net income of US$890,591 booked in the corresponding period in 2019. As for the quarter, net loss amounted to US$303,366 versus a net income of US$795,795 for the similar period of 2019.
Loss per share (LPS) for the period amounted to US$0.00551 (J$0.82) compared to the earnings per share of US$0.00287 (J$0.40) reported in 2019. PJX’s twelve months trailing LPS is 0.0005 (J$0.01). The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on October 14, 2020 J$8.19.
Balance Sheet Highlights:
As at August 31, 2020, PJX recorded total assets of US$27.76 million compared to US$27.29 million reported for the corresponding period in 2019. This growth resulted from a 6% increase in ‘Financial investment, at fair value through profit or loss’ to total US$27.43 million (2019: US$25.92 million). Notably, ‘Securities purchased under resale agreements’ fell by 20% to close at US$289,137 relative to US$361,274 recorded in 2019. Also, ‘Cash and short-term deposits’ declined 100% to US$1,700 (2019: US$969,346).
Total stockholders’ equity as at August 31, 2020 closed at US$23.98 million a decrease of 5% compared to the US$25.23 million reported in 2019. This resulted in a book value per share of US$0.077 compared to US$.081.
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