CARIB | Oct 19, 2022

Net profits down at Portland JSX Limited

/ Our Today

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Operating expenses shrunk by 27% to US$326,469 during half year

Durrant Pate/Contributor

Jamaican listed regional investment company Portland JSX Limited has seen a sharp decline in its net profits for the half-year ended August 31, 2022.

Net profits for the period totalled US$376,681, down from the US$4.05 million booked during the comparable period in 2021 with no taxes during the review period. For the August quarter, Portland JSX Limited incurred a net loss of US$416,643 compared to a net profit of US$3.69 million in 2021.

The investment company incurred net foreign exchange losses of US$137,121 compared to a gain of US$13,302 in 2021. Foreign exchange loss for the August quarter amounted to US$99,653 compared to a foreign exchange gain US$56,366 in 2021. 

Dividend income rose

For the six-month period, the company had net gains on financial assets of US$920,949, down from the gains of US$4.66 million booked in 2021. Interest income for the period increased by 6,276 per cent to US$57,446, up from the mere US$901 reported in 2021.

Interest income for the August quarter grew to US$49,754 from US$488 in 2021. Dividend income from financial instruments was US$127,778 for the six-months period compared to nil in 2021.

Dividend income for the quarter amounted to US$63,889 (2021: nil). For the second quarter, Portland JSX Limited experienced a net loss on financial assets of US$163,513, down from the US$3.90 million gain in 2021. 

Operating expenses declined by 27 per cent to US$326,469 (2021: US$445,445). Dividends paid to preference shareholders totalled $102,222 (2021: nil) while interest expense ended at US$163,680 (2021: US$178,145). 

Total assets valued at US$41.85 million on its balance sheet.

Earnings per share (EPS) for the six-month period amounted to US$0.0012 (J$0.18) compared to an Earnings per Share (EPS) of US$0.0131 (J$1.99) reported in 2021. Loss per share (LPS) for the second quarter amounted to US$0.0013 (J$0.20) compared to an EPS of US$0.012 (J$1.81) in 2021. 

As at August 31, 2022, Portland JSX Limited had total assets valued at US$41.85 million on its balance sheet compared to US$40.77 million reported in 2021. This growth resulted from a 3,708 per cent increase in ‘Securities purchased under resale agreements’ to total US$10.10 million (2021: US$265,243).

Total Stockholders’ equity closed at US$32.61 million compared to the US$31.85 million reported in 2021. This resulted in a book value per share of US$0.11 (J$15.94) compared to US$0.10 (J$15.63).


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