Date: November 14, 2018
The Palace Amusement Company (1921) Limited (PAL) booked a 4% improvement in revenue to $269.38 million (2017: $259.96 million), while direct expenses increased by 5% to $215.79 million (2017: $204.66 million). As a result, Gross Profit declined by 3% to $53.59 million (2017: $55.30 million)
Other operating income surged to $6.90 million (2017: $2.48 million), a 179% increase while administrative expenses increased by 5% to $50.11 million (2017: $47.89 million). Consequently, operating profit for the period grew to $10.38 million relative to the $9.89 million reported for the corresponding period in 2017.
Interest expense fell to $436,000, a 26% drop compared to $592,000 recorded in 2017.
As such, net profit for the period was 7% higher than the prior year, totalling $9.95 million (2017: $9.30 million) due to no taxes being incurred during the quarter (2017: nil).
Profits attributable to stockholder’s of the Company amounted to $9.93 million for the period relative to $9.34 million in 2017, a 6% increase year over year.
Total Comprehensive Income for the first quarter amounted to $12.87 million relative to $11.01 million for 2017.
As such, the earnings-per-share for the period amounted to $6.91 (2017:$6.50). The twelve month earnings-per-share amounted to $86.58. The amount of shares used in our calculation is 1,437,028. PAL closed the trading period on November 14, 2018 at a price of $1000.00
Balance Sheet Highlights:
The company, as at September 30, 2017, recorded total assets of $645.41 million, an increase of 28% when compared to $506.17 million recorded last year. The growth year over year was due mainly to a 974% increase in ‘Investment’ which closed at $192.27 million (2017: $17.90 million).
Total Stockholders’ Equity as at September 30, 2018 closed at $496.16 million, compared to $367.49 million for the corresponding period last year. This resulted in a book value of $345.27 per share compared to $255.73 as at September 30, 2017.
Disclaimer: Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.