February 13, 2025
The Palace Amusement Company Limited (PAL)
Unaudited financials for the six months ended December 31, 2024:
The Palace Amusement Company Limited (PAL) for the six months ended December 31, 2024 reported a marginal increase in Revenue totaling $692.85 million compared to $689.87 million in the corresponding period last year. Revenue for the second quarter had a 36% increase to close at $347.50 million compared to $255.96 million for the comparable quarter of 2023.
Direct expenses amounted to $633.28 million (2023: $601.06 million), this represents an increase of 5% year over year. Consequently, gross profit decreased by 33% to $59.57 million compared to $88.81 million for the six months ended December 31, 2023. The company booked gross profit of $32.57 million for the second quarter versus (2023: Gross loss of $2.05 million).
Administration expenses decreased by 1% to close at $108.17 million (2023: $109.27 million), while Other operating income decreased by 99% from $160.87 million in 2023 to $2.06 million in the period under review. As a result, operating loss for the six months ended December 31, 2024 amounted to $46.53 million, relative to operating profit of $140.41 million reported in 2023.
Finance costs for the six months ended December 31, 2024, amounted to $16.33 million, a 51% decrease relative to $33.62 million reported in 2023. Finance costs for the second quarter amounted to $6.68 million (2023: $16.90 million). Loss Before taxation totaled $62.86 million (2023: profit before taxation of $106.79 million).
No taxation expense was reported in the period under review. (2023: nil).
Net Loss attributable to stockholders of the company for the six months amounted to $63.76 million, a 160% decrease from the Net profit attributable to stockholders of the company of $106.89 million reported in 2023. For the second quarter, Net Loss attributable to stockholders of the company was $27.22 million (2023: Net profit attributable to stockholders of the company was $84.17 million).
Total Comprehensive Loss for the six months ended December 31, 2024 had a 110% decrease to reach $66.08 million (2023: Total Comprehensive income of $640.76 million).
Consequently, Loss Per Share for the six months amounted to $0.08 (2023: EPS: $0.12), while Loss Per Share for the quarter totaled $0.03 (2023: EPS: $0.10). The twelve-month trailing LPS was $0.13 and the number of shares used in these calculations was 862,216,800.
Notably, PAL’s stock price closed the trading period on February 13, 2025 at a price of $1.25.
Balance Sheet Highlights
The company’s assets totaled $2.08 billion (2023: $2.17 billion). The movement in total assets was mainly attributable to a 50% decline in ‘Receivables’ amounting to $51.61 million (2023: $103.43 million), a 49% decrease in ‘Inventories’ amounting to $42.06 million (2023: $82.51 million) and a $32.11 million decrease in ‘Plant, property and equipment’ amounting to $1.51 billion (2023: $1.55 billion).
Shareholder’s equity was $966.91 million (2023: $1.22 billion), representing a book value per share of $1.12 (2023: $1.42).
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