October 15, 2025
Portland JSX Limited (PJX)
Unaudited financials for the six months ended August 31, 2025:
Despite the challenges, Portland JSX Limited (PJX) for the six months ended August 31, 2025, reported a 16% decrease in net fair losses of US$1.68 million, compared to a loss of US$2.00 million in the corresponding period last year. Net loss on financial assets classified as at fair value through Profit or loss for the second quarter decreased by 71% to close at a loss of US$379,905 compared to a loss of US$1,330,135 for the comparable quarter of 2024.
Interest from loans and receivables amounted to US$96,364 (2024: $113,392), representing a 15% decrease year over year.
Foreign Exchange Gain increased by 60% to close at US$64,331 (2024: US$40,212), while Net interest expense decreased by 18% from US$1.85 million in 2024 to US$1.51 million in the period under review. As a result, the company’s diligent efforts in managing operating expenses for the six months ended August 31, 2025, led to a 12% decrease relative to US$515,903 reported in 2024.
Operating Loss before finance costs for the six months ended August 31, 2025, amounted to US$1.97 million, a 17% decrease relative to US$2.36 million reported in 2024. Operating loss before finance costs for the second quarter amounted to 544,717 (2024: loss of US$1.45 million).
Interest Expense on bond payable for the six months ended August 31, 2025, amounted to US$152,333, a 9% decrease relative to US$167,757 reported in 2024. Interest Expense on bond payable for the second quarter amounted to US$73,307 (2024: US$75,942).
Loss for the period for the six months ended August 31, 2025, decreased by 16% to reach US$2.12 million (2024: loss of US$2.53 million). The JMD equivalence for the six months amounted to a loss of J$341.06 million, a 15% decrease from the loss of J$400.21 million reported in 2024. For the second quarter, the JMD equivalence represented a loss of J$99.45 million (2024: loss of J$240.92 million).
“Portland JSX achieved notable improvements in loss reduction, expense management, and foreign exchange gains despite reduced interest income. The company continues to face balance sheet contraction, mainly from fair value loss that erodes its reserves and cash holdings. Still, PJX operating and bottom-line efficiency have strengthened year-over-year, signaling a gradual recovery in profitability and capital efficiency.”
Consequently, Loss Per Share for the six months amounted to US$0.68 (J$110.03) (2024: US$LPS: 0.82) (J$129.11), while Loss Per Share for the quarter totaled US$0.20 (J$32.08)(2024: US$LPS: 0.49) (J$77.72). The twelve-month trailing LPS was US$1.98, and the number of shares used in these calculations was 309,968,261.
Balance Sheet Highlights
The company’s assets totalled US$22.63 million (2024: US$26.04 million). The company’s total asset base is driven by a 15% YoY decline in the “Debt service reserve account” ending the quarter at US$16.74 million (2024: US$19.75 million), and an 18% YoY Decline in “Cash and short-term deposits” ending the quarter at US$4.26 million (2024: US$5.20 million).
Shareholders’ equity was US$17.67 million (2024: US$21.49 million), representing a book value per share of US$5.70 (2024: US$6.93). The company equity base continues to observe a deficit, closing the quarter at US$8.01 million (2024: US$4.19 million)
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