January 15, 2024

Portland JSX Limited (PJX)

Unaudited financials for the nine months ended November 30, 2023:

Portland JSX Limited  (PJX) for the nine months ended November 30, 2023, reported net loss on financial assets classified as at fair value through profit or loss totaling US$8.49 million compared to US$963,300 in the corresponding period last year. Net loss on financial assets classified as at fair value through profit or loss for the third quarter closed at US$171,047 compared to US$1.88 million for the comparable quarter of 2022.

Interest from loans and receivables amounted to US$143,048 (2022: US$163,661), this represents a decrease of 13% year over year.

Dividend income decreased by 67% to US$63,889 compared to US$190,972 for the nine months ended November 30, 2022.

Foreign Exchange Gain amounted to US$36,848 (2022: Loss of US$38,629).

Operating expenses for the nine months ended November 30, 2023, amounted to US$272,186, a 20% decrease relative to US$341,488 reported in 2022.

Operating loss before finance costs amounted to US$8.68 million (2022: US$955,451).

Total finance costs totalled US$297,808 (2022: US$396,088).

Net loss for the nine months ended November 30, 2023, increased to US$8.98 million (2022: US$1.35 million). For the quarter, net loss totalled US$264,728 (2022: net loss of US$1.73 million).

Consequently, Loss Per Share for the nine months amounted to US2.90 cents (2022: LPS: US0.44 cents), while Loss Per Share for the quarter totaled US0.09 cents (2022: LPS: US0.56 cents). The twelve-month trailing LPS was US2.72 cents and the number of shares used in these calculations was 309,968,261.

Notably, PJX’s stock price closed the trading period on January 12, 2024 at a price of 10.81.

Balance Sheet Highlights

The company’s assets totalled US$26.79 million (2022: US$40.12 million). The decline in total assets was largely due to ‘Securities purchased under resale agreements’ decreasing 92% from US$8.14 million to US$613,754. Also, ‘Financial investment, at fair value through profit & loss’ declined by US$4.37 million to close at US$22.14 million (2023: US$26.51 million).

Shareholder’s equity was US$22.29 million (2022: US$30.88 million), representing a book value per share of US7.19 cents (2022: US9.96 cents).

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