Palace Amusement Company (1921) Limited (PAL) held their Annual General Meeting today at their head office, where they briefly discussed its financial performance for the year ended June 30, 2017.
For the 2017 financial year, Palace Amusement Company (1921) Limited revenues rose 9% year over year to $990.14 million. According to Douglas Graham, Chairman of the Board, “in a year that could be considered spectacular in its quality and variety of pictures offered on screen, our cinemas experienced a recovery of ground previously lost in attendance and by extension, a much improved revenue. Topping the list of high grossing pictures were: the 8th instalment of the Fast and Furious series, Wonder Woman, Suicide Squad, Jason Bourne, Fifty Shades Daraker, XXX: Return of Xander Cage”. This led to PAL recording a 103%jump in net profit from $16.21 million to $32.82 million for the 2017 financial year.
During the year, PAL continued its push into alternative content, while maintaining traditional genres in opera and ballet. The company has also begun to showcase dramatic pieces like National Theatre’s: Obsession, featuring A–listed actor Jude Law. This push according to the Chairman is expected to continue into the new year with similar pieces showing at the Palace Multplex. For Valentine Day in 2018, a Romeo & Julilet feature is set for Palace Cineplex. These alternative product offerings aligns with PAL’s strategy of diversifying product offerings in an effort to interest all age and social groups.
The Chairman also highlighted his positive outlook for the future, as himself and the staff celebrates Palace Amusement Company (1921) longevity as a company. He also expressed his gratitude to valued patrons and thanked them for their loyalty throughout the years.