Jetcon Corporation Limited (JSE:JETCON)

Keeping an eye on #JETCON

JETCON Corporation's shareholders were saved by the circuit breaker as nearly all 2022 gains were erased following the detailed publication of an addendum to the company's first- and second-quarter performance in 2021 on Wednesday. Jetcon had originally submitted a revision notice to the Jamaica Stock Exchange (JSE) on December 7 about irregularities it detected that necessitated a recall of Q1 and Q2 numbers. Since the JSE removes older reports once a company submits a newer version, the public didn't immediately notice any significant changes in the results.However, the JSE demanded a detailed explanation along with a reconciliation structure for the changes which were deemed material. The report explained how a $10-million cost of sale expense was booked after the Q1 report was generated and released. Due to the change, Jetcon's $11.55-million net profit shrunk to $493,932 - a far cry from the $10.31 million earned in Q1 2020, when the pandemic first emerged in Jamaica.The change represented 5.47 per cent of the company's $202.03-million revenue earned for Q1 2021, which is deemed as material by accounting standards.'Unfortunately, we had sent in the revision already, but they wanted an explanation, so we had to provide it. The board agreed with the suggestion that the numbers should be revised for the first two quarters. We found it out and we corrected it with an explanation of what happened. We're taking steps to try and ensure that won't happen again,' chairman of Jetcon John Jackson told Jamaica Observer.The company's second quarter also had errors that arose from the classification of a $4.2-million rental expense from Kingston Wharves Limited as a cost of sale item rather than an administrative expense. Net profit moved down from $6.01 million to $5.23 million as a result.When combined with the addition of a new $34.98 million overdraft/short-term loan line item, Jetcon's cash and bank balance went from positive $28.45 million to negative $27.47 million.While Jackson couldn't comment on what might happen to the third quarter and overall nine months performance, he said, 'We're trying to work with the auditors to try and have the audited financials out. The auditors have done draft financials, but there's more work to be done on it.'Jetcon's audited financials have been delayed by an additional month to April 30, which is well past the March 1 deadline. This also pushed back the company's 2021 annual report and annual general meeting (AGM) further into the year.Jetcon's stock price opened at $0.97 and hit a low of $0.91 by 11:50 am. Despite the decline, demand returned for the stock as the last four trades valued $1.05. The stock closed down from $1.13 to $0.95.At Jetcon's February 8 annual general meeting, shareholder Orette Staple demanded that the name Jackson be removed from auditors Crooks Jackson Burnett Chartered Accountants, since Jackson previously served as founding partner. However, Jackson explained that the company has a new set of auditors, McKenley and Associates Chartered Accountants, currently auditing the company's 2021 numbers.McKenley and Associated also audits Paramount Trading Jamaica Limited and newly listed company JFP Limited. Two Junior Market-listed companies dropped McKenley and Associates in 2020. »» View story

   • 2 years ago  • 1

Good read, about #JETCON

Preowned car dealer Jetcon Corporation, which turned to discount deals and inducements to get cars off their lots and grow its way back from losses sustained under the pandemic, says the strategy has paid off so far in increased market share. The... »» View story

   • 3 years ago  • 1

#JETCON giving an early warning sign

...As would be seen from our interim results since the COVID-19 pandemic we were forced to trim costs as sales fell sharply compared to the previous year, which necessitated reducing man hours.

Jetcon Corporation Limited (JETCON) has advised that its audited financial statements for the year ending December 31, 2020, will not be available for publication on the due date. “We anticipate that they will be published on or before April 16th, 2021. As would be seen from our interim results since the COVID-19 pandemic we were […] The post Jetcon Corporation Limited (JETCON) Audited Report Delay appeared first on Jamaica Stock Exchange. »» View story

   • 3 years ago  • 1

This will be the biggest automobile showroom in Jamaica, and we will also be able to service up to 100 cars per day.

Gutiérrez also shared that company’s total investment in the new auto complex is approximately US$13 million.

... read more/> Need some big announcements like this from #JETCON

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   • 3 years ago  • 1