Net loss on financial assets amounted to US$1.88 million

Durrant Pate/ Contributor

Jamaican listed private equity company, Portland JSX Limited (PJX) suffered a net loss of US$1.35 million for the nine-months ended November 30, 2022.

This is coming from net profit of US$5.65 million for the corresponding period in 2021. For the combined three quarters in 2022, the company did not incur any taxes. Losses for the November quarter were even more severe, ending at minus US$1.73 million compared to a net profit of US$1.6 million in 2021.

Loss per share (LPS) for the nine-month period amounted to US$0.0044 (J$0.68) compared to Earnings Per Share (EPS) of US$0.0182 (J$2.85) reported in 2021. LPS for the third quarter amounted to US$0.0056 (J$0.86) compared to earnings per share (EPS) of US$0.0052 (J$0.81) in 2021. 

PJX’s trailing twelve months LPS shares equates to US$0.008 (J$1.36). PJX ended the combined three quarters under review with net loss on financial assets of US$963,300 compared to gains of US$6.43 million in 2021.  For the second quarter, the company reported a net loss on financial assets of US$1.88 million (2021: gain of US$1.78 million).

Interest and dividend income

Interest income for the period increased by 8,397% amounting to US$163,661 (2021: $1,926). Interest income for the quarter grew to US$106,215 from US$1,025 in 2021.

Dividend income from financial instruments was US$190,972 for the nine-month period (2021: nil). Dividend income for the third quarter amounted to US$63,194 (2021: nil).

PJX recorded nine-months net foreign exchange loss of US$38,629 compared to a gain of US$111,412 in 2021. Foreign exchange gains for the November quarter amounted to US$98,492 compared to a Foreign exchange gain US$98,110 in 2021.

Operating expenses, inclusive of accounting & audit Fees, directors, legal & management fees, administrative fees and other expenses decreased by 47% to US$341,488 (2021: US$639,712).

Dividends paid to preference shareholders totalled $152,778 (2021: nil) while interest expense ended at US$243,310 (2021: US$258,632). As at November 30, 2022, PJX had total assets valued at US$40.12 million on its balance sheet compared to US$42.29 million reported in 2021.

This decline resulted from a 28% decrease in ‘Financial Investments, at fair value through profit or loss’ to total US$26.5 million (2021: US$37.07 million). Total Stockholders’ equity closed at US$30.88 million compared to the US$33.45 million reported in 2021.

This resulted in a book value per share of US$0.10 (J$15.44) compared to US$0.11 (J$16.91).