July 15, 2024

Portland JSX Limited (PJX)

Unaudited financials for the first quarter ended May 31, 2024:

Portland JSX Limited (PJX) for the first quarter ended May 31, 2024, reported a 90% decrease in net loss on financial assets classified as at fair value through profit or loss totalling US$672,286 compared to US$7.02 million in the corresponding three months last year.
Interest from loans and receivables amounted to US$50,866 (2023: US$44,761), this represents an increase of 14% year over year.
Foreign Exchange losses amounted to US$8,471 (2023: Gains of US$4,789).
Consequently, net interest expenses decreased by 91% from US$6.90 million in 2023 to US$629,891 for the three months.
Operating Expenses for the first quarter amounted to US$266,527, a 165% increase relative to US$100,748 reported in 2023.
Operating Loss before finance costs for the three months amounted to US$896,418, a 87% decrease relative to US$7.11 million reported in 2023.
Interest Expense on bond payable for the first quarter ended May 31, 2024, amounted to US$91,814, a 3% increase relative to US$89,279 reported in 2023.
Net Loss for the three months had a 86% decrease to reach US$988,232 (2023: US$7.25 million).
Loss for the period, JMD for the three months amounted to J$153.99 million, a 86% decrease from the J$1.12 billion reported in 2023.
Consequently, Loss Per Share for the three months amounted to US0.32cents (J49.68cents) (2023: LPS: US2.34cents) (J361.65cents). The twelve month trailing LPS was US0.32cents and the number of shares used in these calculations was 309,968,261.
Notably, PJX’s stock price closed the trading period on July 15, 2024, at a price of 10.17.

Balance Sheet Highlights

The company’s assets totalled US$26.99 million (2023: US$33.22 million). The decline in total assets was particularly due to a 100% decline in ‘Financial investment, at fair value through
other comprehensive income’ to US$1.00 (US$5.00 million).

Shareholder’s equity was US$23.04 million (2023: US$24.17 million), representing a book value per share of US7.43cents (2023: US7.80cents).

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