June 15, 2020

Portland JSX Limited (PJX) reported net gains on financial assets classified as at fair value through profit and loss of US$2.31 million compared to a loss of US$665,282 in 2019. PJX recorded a net gain on financial assets classified as at fair value through profit and loss for the fourth quarter of US$365,407 relative to a net loss of US$113,819 booked for the corresponding period in 2019.

Interest from loans and receivables for the year end amounted to US$10,280, reflecting a decrease of 81% year over year (2019: US$55,191). For the quarter, there was a 65% decline to US$2,135 (2019: US$6,151), when compare to the comparable period in 2019.

Foreign Exchange Gain for the year end closed at US$17,801 (2019: nil). As a result, net interest profit of US$2.34 million was booked for the period under review versus a loss of US$516,983 was booked at the end of 2019. For the quarter net interest profit amounted to US$502,426 versus a loss of US$107,668 booked for 2019 fourth quarter.

Operating expenses went up by 3% to US$828,343 (2019: US$802,675). For the quarter, there was a decline by 9% from US$198,166 in 2019 to US$179,784 for the year ended February 2020.

Interest expenses for the period under review closed at US$163,584 (2019: nil).

There was no taxation booked for the period under review (2019: US$2,249), as a result, PJX recorded net profit for the period which amounted to US$1.35 million compared to net loss of US$1.32 million booked in the corresponding period in 2019. For the quarter, net profit amounted to US$159,058 versus loss of US$305,834 for the similar period in 2019.

Earnings per share (EPS) for the period amounted to US$0.0043 (J$0.60) compared to the loss per share of US$0.0043 (J$0.55) reported in 2019. While, for the quarter, EPS amounted to US$0.0005 (J$0.07) compared to a LPS of US$0.001 (J$0.13) recorded in the same period last year. The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on June 12, 2020 J$8.33.

Balance Sheet Highlights:

As at February 2020, PJX recorded total assets of US$29.30 million compared to US$24.44 million reported for the corresponding period in 2019. This increase resulted from an 22% or US$5.12 million rise in ‘Financial investment, at fair value through profit or loss’ to US$28.86 million (2019: US$23.74 million).

Total Shareholders’ Equity as at February 2020 closed at US$25.69 million, an increase of 6% compared to the US$24.34 million reported at the end of 2019. This resulted in a book value per share of US$0.083 (2019: US$0.079).