However strong rebound in Q4

Investment company, Portland JSX Limited (PJX) ended its financial year just over a month ago in the red having been pulled down by losses on its financial assets.

PJX, which is registered in St. Lucia but trades on the Jamaica Stock Exchange incurred no taxes for the twelve months ended February 28, 2023, but recorded a net loss for the year of US$812,082 million, reversing the net profit of US$4.28 million made in 2022. 

However, the company which is an equity investment vehicle through which Jamaican pension funds and other eligible investors invests to gain access indirectly to quality investments in the Latin American and the Caribbean region managed to claw back some of the losses in the previous three quarters.

For the February fourth quarter, PJX posted a net profit of US$539,457 million compared to a net loss of US$539,457 million in 2022. Loss per share (LPS) for the year amounts to US$0.0026 (J$0.41) compared to an Earnings per Share of US$0.014 (J$2.15) reported in 2022. 

Net loss on financial assets

Loss per share (EPS) for the fourth quarter came out at US$0.0017 (J$0.27) compared to an LPS of US$0.0044 (J$0.69) in 2022. For the year, PJX reported net loss on financial assets classified at fair value through profit & loss of US$496,132 compared to gains of US$5.35 million in 2022. 

Interest income for the year increased by US$307,911 to US$310,565 (2022: $2,654), while for the last quarter it grew to US$146,904 from US$728 in 2022. Dividend income from financial instruments at fair value through other comprehensive income (FVOCI) was US$247,917 for the year (2022: $US136,111). 

Dividend income for the quarter amounted to US$247,917 (2022: US$136,111). PJX recorded net foreign exchange gain of US$13,055 for the year compared to a gain of US$96,327 in 2022. Foreign exchange gains for the quarter amounted to US$51,684 compared to a foreign exchange gain of US$15,085 in 2022.

Expenses almost cut in half

Operating expenses, inclusive of accounting & audit fees, directors, legal and management fees, administrative fees and other expenses decreased by 48% to US$444,428 (2022: US$860,866). Dividends paid to preference shareholders totalled $198,333 (2022: 108,889), while interest expense ended at US$311,392 (2022: US$337,682).

As at February 28, 2023, PJX had total assets valued at US$40.45 million on its balance sheet compared to US$41.23 million reported in 2022. This decline is largely attributable to a US$5 million decrease in ‘Financial Investments, at fair value through profit or loss’ to total US$30.81 million (2022: US$35.81 million).

Total Stockholders’ equity closed at US$31.42 million compared to the US$32.23 million reported in 2022. This resulted in a book value per share of US$0.101 (J$15.67) compared to US$0.104 (J$16.12).