October 15, 2021
Portland JSX Limited (PJX), for the six months ended August 31, 2021, net gain on financial assets classified as at fair value through profit and loss amounted to US$4.66 million compared to a loss of US$1.51 million in 2020. PJX recorded net gain on financial assets classified as at fair value through profit and loss for the second quarter of US$3.90 million relative to a net loss of US$182,450 booked for the corresponding period in 2020.
Interest from loans and receivables for the six months amounted to US$901 a decrease of 63% year over year (2020: US$2,429). For the quarter, there was a 61% decline to US$488 relative to US$1,243 in the prior year’s comparable period.
Operating expenses amounted to US$445,445 for the six months, a 50% increase year over year (2020: US$297,445). For the quarter, there was a 41% decline from US$139,509 reported in 2020 to US$187,844 in 2021.
Interest expense for the period grossly increased 2% amounting to US$178,145 relative to the US$174,278 recorded for the same period in 2020.
Foreign exchange gains closed the period under review at US$13,302 in contrast to a gain of $270,762. For the second quarter, foreign exchange gains fell to US$56,366, from US$107,005 recorded for the similar quarter in 2020.
Consequently, PJX recorded net profit for the period which amounted to US$4.05 million compared to a net loss of US$1.71 million booked in the corresponding period in 2020. As for the quarter, net profit amounted to US$3.69 million versus a net loss of US$303,366 for the similar period of 2020.
Loss per share (LPS) for the period amounted to US$0.0131 (J$1.99) compared to the loss per share of US$0.00551 (J$0.82) reported in 2020. PJX’s twelve months trailing EPS is$ 0.025 (J$3.86). The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on October 14, 2021 at J$6.50.
Balance Sheet Highlights:
As at August 31, 2021, PJX recorded total assets of US$40.77 million compared to US$27.76 million reported for the corresponding period in 2020. This growth resulted from a 29% increase in ‘Financial investment, at fair value through profit or loss’ to total US$35.46 million (2020: US$27.43 million).
Total stockholders’ equity as at August 31, 2021 closed at US$31.85 million an increase of 33% compared to the US$23.98 million reported in 2020. This resulted in a book value per share of US$0.10 compared to US$.08.
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