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).
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 affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
