Portland JSX Reports YoY Net Profit Growth Despite COVID-19 Impact

• Despite the continued local and global impacts of the coronavirus, Portland JSX Ltd. achieved a 57.3% increase in net profit for the year ended February 2021 to US$2.12Mn (EPS: US$0.68).
• The improvement in the bottom-line was driven by a 12.8% (or $294.45K) increase in net fair value gains on financial instruments, a $312.31K rise in foreign exchange gains, and a 27.0% (or $223.83K) reduction in operating expenses.
• The increase in fair value gains reflects the recovery in financial markets from the effects of the pandemic, while expenses fell due to significant reductions in management, legal, audit, general and other operation fees.
• The company recently refinanced its $520Mn debt with a $600Mn issue. According to management, this refinancing increased the company’s financial flexibility and better positions it to manage potential risks as well as seize opportunities as they arise.
• After increasing by 31.9% during 2020 to $9.50, the company’s stock price has fallen by 15.8% since the start of 2021, closing Wednesday’s trading session at $8.00.

(Source: Portland JSX Financials)