Date: October 12, 2018
Portland JSX Limited (PJX), for the six months ended August 31, 2018, net loss on financial assets classified as at fair value through profit and loss amounted to US$438,074 compared to a gain of US$25,177 in 2017. PJX recorded net loss on financial assets classified as at fair value through profit and loss for the second quarter of USD$124,899 relative to a net loss of USD$198,187 booked for the corresponding period in 2017.
Interest from loans and receivables for the six months amounted to US$38,229 a decrease of 73% year over (2017: US$143,215). For the quarter, there was a 67% decline to US$12,654 relative to US$38,288 in the prior year’s comparable period.
Other income for the first six months of 2017 was nil compared to US$98 for the comparable period in 2018. Distribution of partnership interest income amounted to US$93,108 relative to nil for the first six month of 2017.
Operating expenses amounted to US$414,179 for the six months, a 6% increase year over year (2017: US$389,435). For the quarter, there was a 5% growth from US$194,022 in 2017 to US$203,091 in 2018.
Taxation for the period grossly increased by 635% amounting to US$2,249 relative to the US$306 recorded for the same period in 2017.
Consequently, PJX recorded a net loss for the period which amounted to US$723,165 compared to a loss of US$221,251 booked in the corresponding period in 2017. This reflects a 227% decline year over year. for the quarter, net loss amounted to US$222,228 versus a net loss of US$353,921 for the similar period of 2017.
Loss per share (LPS) for the period amounted to US$0.0023 (J$0.32) compared to the loss per share of US$0.0007 (J$0.09) reported in 2017. PJX’S twelve months trailing EPS is 0.005. The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on October 12, 2018 JMD $8.47.
Balance Sheet Highlights:
As at August 31, 2018, PJX recorded total assets of US$24.99 million compared to US$23.58 million reported for the corresponding period in 2017. This growth resulted from a 44% increase in ‘Financial investment, at fair value through profit or loss’ to total US$21.90 million (2017: US$15.21 million). Notably, ‘Securities purchased under resale agreements’ fell by 63% to close at US$1.95 million relative to US$5.29 million recorded in 2017. Also, ‘Cash and short-term deposits’ declined by US$1.81 million to US$1.05 million (2017: US$2.86 million).
Total Stockholders’ equity as at August 31, 2018 closed at US$24.94 million an increase of 6% compared to the US$23.54 million reported in 2017. This resulted in a book value per share of US$0.08 compared to USD$.08.
Disclaimer:
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.