April 29, 2024

Portland JSX Limited (PJX)

Audited financials for the twelve months ended February 29, 2024:

Portland JSX Limited  (PJX) for the twelve months ended February 29, 2024, reported Net loss on financial assets classified as at fair value through profit or loss totalling US$5.99 million compared to US$496,132 in the corresponding period last year.

Interest from loans and receivables amounted to US$189,687 (2023: US$310,565), this represents a decrease of 39% year over year.

Dividend income decreased by 74% to US$63,889 compared to US$247,917 for the twelve months ended February 29, 2023.

Foreign Exchange loss decreased closed at US$11,151 (2023: Gain of US$130,55).

Net Interest Income decreased from US$142,071 in 2023 to Net Interest Expense of US$5.75 million in the period under review.

Operating expenses for the twelve months ended February 29, 2024, amounted to US$968,763, a 118% increase relative to US$444,428 reported in 2023.

Operating loss for the twelve months ended February 29, 2024, amounted to US$6.88 million, relative to US$302,357 reported in 2023.

Dividend paid to holder of redeemable preference shares totalled US$51,111, a 74% decrease from the corresponding period last year. (2023: US$198,333).

Interest Expense on bond payable for the twelve months ended February 29, 2024, amounted to US$313,233, a 1% increase relative to US$311,392 reported in 2023.

Net loss for the twelve months ended February 29, 2024, had a 792% increase to reach US$7.24 million (2023: US$812,082). For the quarter, net profit amounted to US$1.73 million (2023: $539,457).

Consequently, Loss Per Share for the twelve months amounted to US2.34 cents (2023: LPS: US0.26 cents), while Earnings Per Share for the quarter totalled US0.56 cents (2023: EPS: US0.17 cents).

Notably, PJX’s stock price closed the trading period on April 26, 2024, at a price of 10.55.

Balance Sheet Highlights

The company’s assets totalled US$27.97 million (2023: US$40.45 million). The decline in total assets was led by a 20% downturn in ‘Financial investments, at fair value through profits or loss’ to US$24.59 million (2023: US$30.81 million). Also, ‘Financial investments, at fair value through other comprehensive income’ amounted US$1 (2023: US$5.00 million).

Shareholder’s equity was US$24.03 million (2023: US$31.42 million), representing a book value per share of US7.75 cents (2023: US10.14 cents).

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