August 11, 2023
RADIO JAMAICA LIMITED (RJR) for the first quarter ended June 30, 2023 reported a 0.04% decrease in revenue totalling $1.297 billion compared to $1.298 billion in the corresponding three months last year.
Direct expenses amounted to $556.00 million (2022: $588.20 million), this represents a decrease of 5% year over year. Consequently, gross profit increased by 4% to $741.69 million compared to $710.07 million for the first quarter ended June 30, 2022.
Administration expenses increase by 11% to close at $400.21 million (2022: $361.85 million), while Selling expenses decrease by 2% from $259.27 million in 2022 to $255.14 million for the three months of 2023. As a result, Total Expenses for the first quarter amounted to $836.39 million, a 2% increase relative to $816.06 million reported in 2022.
Operating Loss for the three months amounted to $31.38 million, a 17% decrease relative to a loss of $38.00 million reported in 2022. Finance Costs totalled $13.37 million a 5% increase from the corresponding period last year. (2022: $12.71 million).
Loss before taxation for the first quarter ended June 30, 2023, amounted to $44.75 million, a 12% decrease relative to a loss of $50.71 million reported in 2022.
Taxation for the three months had a 36% decrease to reach $6.91 million (2022: $10.87 million) . Net Loss for the three months amounted to $37.85 million, a 5% decrease from the Net loss of $39.84 million reported in 2022.
Consequently, Loss Per Share for the three months amounted to $0.016 (2022: LPS: $0.018). The twelve-month trailing EPS was $0.08 and the number of shares used in these calculations was 3,023,506,931. Notably, RJR’s stock price closed the trading period on August 11, 2023 at a price of $1.55 with a corresponding P/E ratio of 19.11x.
Balance Sheet Highlights
The Company, as at June 30, 2023 recorded total assets of $6.80 billion, an increase of 36% when compared to $4.99 billion for the previous corresponding period. This was attributable to a 60% increase in ‘Fixed Assets’ to $3.18 billion (2022: $1.99 billion) and an increase in ‘Investments’ to $537.60 million (2022: nil).
Shareholder’s equity was $4.58 billion (2022: $2.74 billion), representing a book value per share of $1.52 (2022: $0.91).
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