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JETCON reports 34% decrease in year end net profits

March 02, 2020

Jetcon Corporation Limited (JETCON), for the twelve months ended December 31, 2019, reported a 12% decline in turnover for the twelve months to $1.03 billion (2018: $1.16 billion), while for the fourth quarter revenues rose by 4% to $278.68 million in 2019 from $269.18 million in 2018.

Cost of sales also decreased by 11% to $890.25 million (2018: $999.17 million) and as a result gross profit  decreased by 16% to $135.67 million compared to $162.30 million in 2018. Gross profit for the fourth quarter ended December 31, 2019 amounted to $10.90 million (2018: $10.46 million).

Other operating income for the year ended December 31, 2019 amounted to $1.14 million (2018: $935,257). As such, Total Operating Income totalled $136.82 million (2018: $163.24 million).

Total Expenses increased by 7% to $76.51 million (2018: $71.29 million). Selling and marketing expenses decreased to $22.71 million (2018: $23.57 million), while administrative and other expenses recorded an increase of 12%, closing at $50.15 million (2018: $44.95 million). Finance costs closed the period at $3.65 million, a 32% increase when compared to $2.78 million  the prior year.

Consequently, profit before taxation amounted to $60.30 million relative to $91.94 million in 2018 representing a 34% decrease year-on-year for the period.

There was no tax charge for the year ended December 31, 2019 relative to a tax charge of $60,000 for 2018.

As a result, net profit for the period amounted to $60.30 million relative to $91.88 million. For the fourth quarter a net profit of $13.98 million was recorded versus a loss of $1.64 million in last year.

Total comprehensive income amounted to $60.29 million (2018: $91.94 million).

As such, the earnings-per-share for the year amounted to $0.10 relative to $0.16 last year. Earnings per share for the quarter totalled $0.024 (2018 loss per share: $0.003). The number of shares used in our calculation is 583,500,000. JETCON’s last traded price as at March 02, 2020, was $1.40.

Balance Sheet Highlights:

The company, as at December 31, 2019, recorded total assets of $679.68 million, an increase of 21% when compared to $562.86 million recorded last year. This increase was mainly attributable to a 166% increase in ‘Receivables’ to $87.156 million ($32.81 million), as well as a 66%  increase in ‘Property, Plant and Equipment’ to $135.73 million (2018: $81.90 million).

Total Stockholders’ Equity as at December 31, 2019, closed at $547.34 million (2018: $504.55 million) resulting in a book value per share of $0.94 per share compared to $0.86.

Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

2020-03-02T18:41:59-05:00