Business
JM | Oct 16, 2021

Portland JSX reports half year net profit of US $4.05 million

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Foreign exchange gains fell to US$56,366

Jamaican listed regional investment company, Portland JSX recorded net profit for the 2021 half-year period of US$4.05 million compared to a net loss of US$1.71 million booked in the corresponding period in 2020.

As for the second quarter, net profit amounted to US$3.69 million versus a net loss of US$303,366 for the similar period of 2020. Foreign exchange gains closed the period under review at US$13,302 in contrast to a gain of $270,762. 

For the second quarter, foreign exchange gains fell to US$56,366, coming from the US$107,005 recorded for the similar quarter in 2020. For the six months period net gain on financial assets classified as at fair value amounted to US$4.66 million compared to a loss of US$1.51 million in 2020. 

Portland JSX Limited recorded net gain on financial assets classified as at fair value for the second quarter amounting to US$3.90 million relative to a net loss of US$182,450 booked for the corresponding period in 2020.

Low earnings from interest on loans and receivables

Interest from loans and receivables for the six months amounted to US$901, representing a decrease of 63% year over year (2020: US$2,429). For the quarter, there was a 61% decline to US$488 relative to US$1,243 in the prior year’s comparable period.

Operating expenses amounted to US$445,445 for the six months, a 50% increase year over year (2020: US$297,445). For the quarter, there was a 41% decline from US$139,509 reported in 2020 to US$187,844 in 2021.

Interest expense for the period grossly increased 2% amounting to US$178,145 relative to the US$174,278 recorded for the same period in 2020. The Loss per share (LPS) for the period amounted to US$0.0131 (J$1.99) compared to the loss per share of US$0.00551 (J$0.82) reported in 2020. 

As at August 31, 2021, PJX recorded total assets of US$40.77 million compared to US$27.76 million reported for the corresponding period in 2020. This growth resulted from a 29% increase in ‘Financial investment, at fair value through profit or loss’ to total US$35.46 million (2020: US$27.43 million).

Total stockholders’ equity as at August 31, 2021 closed at US$31.85 million an increase of 33% compared to the US$23.98 million reported in 2020. This resulted in a book value per share of US$0.10 compared to US$.08.

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