Date: July 12, 2019
Portland JSX Limited (PJX), for the three months ended May 31, 2019, reported net gain on financial assets classified as at fair value through profit and loss of $276,758 compared to a loss of $313,175 recorded in the same period last year.
Interest from loans and receivables amounted to $2,715, an 89% decline year over year when compared to $25,575 booked in May 2018.
As such, total net interest income closed at $279,473 versus net interest expense of $287,600 documented in the previous corresponding quarter.
Operating expenses totalled $184,677, a 13% decline relative to $211,088 reported in the prior comparable quarter.
In addition, profit before taxation amounted to $94,796 compared to loss before taxation of $498,688 recorded in the same period in 2018.
Taxation for the period was nil versus taxation of $2,249 in the prior quarter of 2018, resulting in net profit for the period of $94,796 versus net loss of $500,937 booked in the corresponding quarter in 2018.
Earnings per share for the quarter amounted to $0.0003 (J$0.04) compared to loss per share of $0.002 (J$0.21) documented in 2018. PJX’S twelve months trailing LPS is 0.002. The number of shares used in this calculation was 309,968,261. PJX’s stock price closed the trading period on July 12, 2019 J$8.36.
Balance Sheet Highlights:
As at May 31, 2019, PJX recorded total assets of $24.50 million compared to $27.21 million reported for the corresponding period in 2018. This decline was as a result of a $1.57 million decrease in ‘Securities purchased under resale agreements’ to total $361,627 (2018: $1.94 million) and a $39,427 decline in ‘Receivables’ to close at $55,423 (2018: $94,850). Also, ‘Cash and short-term deposits’ contributed to the decline amounting to $155,100 (2018: $1.18 million).
Total Stockholders’ equity as at May 31, 2019 closed at $24.44 million a decrease of 3% compared to the $25.16 million reported in 2018. This resulted in a book value per share of $0.08 (J$10.47). (2018: $0.08, J$10.38).
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