August 15, 2024
RADIO JAMAICA LIMITED (RJR)
Unaudited financials for the first quarter ended June 30, 2024:
Radio Jamaica Limited (RJR) for the first quarter ended June 30, 2024, reported a 7% decrease in revenue totalling $1.20 billion compared to $1.30 billion in the corresponding three months last year.
Direct expenses amounted to $577.98 million (2023: $556.00 million), this represents an increase of 4% year over year. Consequently, gross profit decreased by 16% to $625.69 million compared to $741.69 million for the first quarter ended June 30, 2023.
Administration expenses increased by 1% to close at $402.21 million (2023: $400.21 million), while Selling Expenses decreased by 3% from $255.14 million in 2023 to $247.92 million for the three months. As a result, Total Expenses for the first quarter amounted to $831.49 million, a 1% decrease relative to $836.39 million reported in 2023.
Operating Loss for the three months amounted to $169.87 million, a 441% increase relative to $31.38 million reported in 2023. Finance Costs totalled $13.18 million, a 1% decrease from the corresponding period last year. (2023: $13.37 million).
Loss before taxation for the first quarter ended June 30, 2024, amounted to $183.05 million, a 309% increase relative to $44.75 million reported in 2023.
Tax credit for the three months had a 125% increase to reach $15.57 million (2023: $6.91 million). Net Loss for the three months amounted to $167.48 million, a 343% increase from the $37.85 million reported in 2023.
Consequently, Loss Per Share for the three months amounted to $0.06 (2023: LPS: $0.01). The twelve-month trailing LPS was $0.22, 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 14, 2024, at a price of $0.93.
Balance Sheet Highlights
The company’s assets totalled $6.37 billion (2023: $6.80 billion). This decrease was attributable to ‘Receivables’ which amounted to $1.13 billion for the first quarter of 2024 (2023: $1.24 billion). Additionally, there were no investments reported for 2024, however the similar quarter of 2023 reported ‘Investments’ of $537.60 million which also caused a reduction in total assets.
Shareholder’s equity was $3.96 billion (2023: $4.58 billion), representing a book value per share of $1.31 (2023: $1.52).
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