April 21, 2023
Portland JSX Limited (PJX)
For the twelve months ended February 28, 2023:-
Portland JSX Limited (PJX), for the twelve months ended February 28, 2023, reported net loss on financial assets classified at fair value through profit & loss of US$496,132 compared to gains of US$5.35 million in 2022. For the fourth quarter the Company reported a net gain on Financial assets of US$467,168 million (2022: loss of US$1.08 million).
Interest income for the period increased by US$307,911 to US$310,565 (2022: $2,654). Interest income for the quarter grew to US$146,904 from US$728 in 2022.
Dividend income from financial instruments at FVOCI was US$247,917 for the twelve-month period (2022: $US136,111). Dividend income for the quarter amounted to US$247,917 (2022: US$136,111).
PJX recorded twelve months net foreign exchange gain of US$13,055 compared to a gain of US$96,327 in 2022. Foreign exchange gain for the quarter amounted to US$51,684 compared to a foreign exchange gain US$15,085 in 2022.
Operating Expenses, inclusive of accounting & audit Fees, directors, legal & management fees, administrative fees and other expenses decreased by 48% to US$444,428 (2022: US$860,866).
Dividends paid to preference shareholders totaled $198,333 (2022: 108,889), while interest expense ended at US$311,392 (2022: US$337,682).
PJX incurred no taxes for the twelve months ended February 28, 2023, as such the company recorded twelve months net loss of US$812,082 million compared to net profit of US$4.28 million in 2022. For the quarter the company reported a net profit of US$539,457 million compared to a net loss of US$539,457 million in 2022.
Loss per share (LPS) for the twelve-month period amounted to US$0.0026 (J$0.41) compared to an Earnings per Share of US$0.014 (J$2.15) reported in 2022. Loss per share (EPS) for the fourth quarter amounted to US$0.0017 (J$0.27) compared to a loss per share (LPS) of US$0.0044 (J$0.69) in 2022. The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on April 20, 2023 at J$11.44.
Balance Sheet Highlights
As at February 28, 2023, PJX had total assets valued at US$40.45 million on its balance sheet compared to US$41.23 million reported in 2022. This decline is largely attributable to a US$5 million decrease in ‘Financial Investments, at fair value through profit or loss’ to total US$30.81 million (2022: US$35.81 million).
Total Stockholders’ equity closed at US$31.42 million compared to the US$32.23 million reported in 2022. This resulted in a book value per share of US$0.101 (J$15.67) compared to US$0.104 (J$16.12).
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