August 13, 2021
Figures are quoted in United States dollars (except where it is indicated otherwise):
Transjamaican Highway Limited (TJH), for the six months ended June 30, 2021, reported a 14% increase in revenue to US$24.38 million relative to US$21.41 million in the corresponding period last year. Revenue for the second quarter amounted to US$12.10 million (2020: US$8.45 million), a 43% increase year over year. TJH noted that, “This increase is as a result of the difference in measures implemented to combat the spread of the virus. As a reminder, our traffic was significantly impacted by the lockdown of the Parish of St Catherine in April/May 2020.”
Other gains amounted to US$1.53 million for the six months ended June 30, 2021 (2020: US$58,000). Whereas, for the quarter other gains totaled US$1.02 relative to a loss of US$5,000 for the same period in 2020.
For the six months ended June 30, 2021, operating expenses totalled US$16.50 million versus the US$17.23 million in the comparable period last year, a 4% decrease year over year. Operating expenses for the second quarter fell 3% to close at US$8.36 million (2020: US$8.62 million).
Administrative expenses fell 28% to US$496,000 (2020: US$686,000) for the six months ended June 30, 2021. For the second quarter, there was a 41% decrease in administrative expenses to total US$222,000 (2019: US$377,000).
Finance cost amounted to US$7.66 million (2020: US$9.46 million) according to TJH, “This 19% decrease was due the savings realized from the debt restructuring which saw our existing loans being repaid and the Secured Notes being issued during the first quarter of last year.”
Profit before taxation closed at US$1.26 million versus loss before taxation of US$5.91 million as at June 2020. For the quarter, TJH reported profit before tax of US$681,000 compared to losses of US$4.41 million booked for the same quarter in 2020.
The Company reported no taxation for the period, relative to taxation credit of US$4.83 million for the six months ended June 30, 2020. Consequently, net profit amounted to US$1.26 million, relative to a loss of the US$1.08 million booked for the corresponding period last year. Net profit for the quarter amounted to US$681,000 relative to a net loss of US$3.35 million twelve months prior.
Consequently, earnings per share (EPS) amounted to US0.005 cent for the quarter ended June 30, 2021, relative to loss per share (LPS) of US0.027 cent last year. For the six months ended June 30, 2021, EPS amounted to US0.010 cent relative to an LPS of US0.009 cent booked in the corresponding period last year. The twelve months trailing amounted to US0.0037 cent. The number of shares used in this calculation was 12,501,000,000 shares. TJH traded on August 12, 2021, at JMD$1.26 while TJHUSD closed at US$0.01.
Balance Sheet at a Glance:
As at June 30, 2021, total assets closed at US$316.99 million relative to US$327.49 million the prior year, representing a 3% decline. This was mainly attributable to the decrease in ‘intangible assets’ which totalled US$232 million (2020: US$240.87 million). This was slightly tempered by ‘restricted assets’ which amounted to US$57.41 million (2020: US$49.92 million) as at June 30, 2021.
Shareholders’ equity totalled US$58.30 million (2019: US$64.43 million) resulting in a book value of US$0.0047 (2020: US$0.0052).
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