PAL reports 6% increase in three months net profits attributable to Stockholders

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.

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