Portland JSX Ltd reports profit of US$453,334

Portland JSX Ltd reports profit of US$453,334

Investment Fund Portland JSX Ltd reported profit of US$453,334 for the six months ending August 31, representing earnings per share of US$0.20 to date for the company. Portland JSX was listed on the Jamaica Stock Exchange earlier this year after an IPO garnering $1.5 billion — principally slated for PCF II — a private equity fund that holds a portfolio of equity and debt securities for companies located in Latin America and the Caribbean. Earnings for Portland JSX for the three months ended August 31, were US$414,403 on total revenue of US$484,820. Out of this revenue inflow US$366,532 came from net gains on financial assets, US$64,760 from interest from loans and receivables and US$53,820 from dividend income.
Spending on administrative and general expenses was US$70,417. Earnings per share for the quarter was US$0.15. Total assets to August are reported at $25.89 million, up from US$13.82 million in February. Liabilities increased from US$39,518 to US$82,557 over the period, reflecting finance costs and payables. For the six-month period ended August, the company improved cash resources to US$21 million, up from US$10.5 million. Share capital stood at US$25.68 million, with remaining equity being US$125,729 in accumulated surplus. In addition to the IPO funding, Portland JSX was capitalised by a private placement in October 2015, raising $1.7 billion from several local and regional institutional investors. Global private equity investors in PCF II include International Finance Corporation , European Investment Bank , German Development Bank , Export…

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