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JM | Apr 30, 2021

Portland JSX reports 57% increase in net profit in just ended 2020-2021 financial

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Net gains on financial assets of US$2.60 million compared to US$2.31 the year before 

Locally traded investment company Portland JSX Limited (PJX) recorded a modest increase of 57 per cent in net profit for their just ended 2020-2021 financial year.

The net profit amounted to US$2.12 million compared to the US$1.35 million booked in the corresponding period in 2019-2020. The profit for the 2020-2021 financial year, which ended on February 28, was aided by the fact that no taxation was booked for the year.

For the quarter ended February 2021, net profit amounted to US$3.63 million versus profit of US$159,058 for the similar period in 2020. The company reported net gains on financial assets of US$2.60 million compared to a gain of US$2.31 in 2020. 

Gains made on financial assets

PJX recorded a net gain on financial assets for the fourth quarter of US$3.76 million relative to a net gain of US$365,407 booked for the corresponding period in 2020.

Interest from loans and receivables for the year end amounted to US$4,428, reflecting a decrease of 57 per cent year over year (2020: US$10,280). For the quarter, there was a 64 per cent decline to US$774 (2020: US$2,135), relative to the comparable period in 2020.

Distribution of partnership interest income for the year amounted to US$128,901 (2020: nil). Foreign Exchange Gain for the year end closed at US$330,112 (2020: US$17,801).

As a result, net interest profit of US$3.07 million was booked for the period under review versus a profit of US$2.34 million booked at the end of 2020. For the quarter net interest profit amounted to US$4.09 million versus a profit of US$385,343 booked for 2020 fourth quarter.

Decline in operating expenses

Operating expenses declined by 27 per cent to US$604,510 (2020: US$828,343). For the quarter, there was a decline by 15 per cent from US$179,784 in 2020 to US$152,587 for the quarter ended February 2021.

Interest expenses for the period under review closed at US$346,641 (2020: US$163,584). As at February 2021, PJX recorded total assets of US$31.55 million compared to US$29.30 million reported for the corresponding period in 2020.

This increase resulted from a nine per cent, or US$2.57 million, rise in ‘Financial investment, at fair value through profit or loss’ to US$31.43 million (2020: US$28.86 million).

Total shareholders’ equity as at February 2021 closed at US$27.80 million, an increase of eight per cent compared to the US$25.69 million reported at the end of 2020. This resulted in a book value per share of US$0.0897 (J$13.63) versus US$0.0829 (J$11.35) booked 12 months earlier.

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