May 16, 2024
The Palace Amusement Company Limited (PAL)
Unaudited financials for the nine months ended March 31, 2024:
The Palace Amusement Company Limited (PAL) for the nine months ended March 31, 2024, reported a 6% increase in Revenue totaling $1.10 billion compared to $1.04 billion in the corresponding period last year. Revenue for the third quarter had a 36% jump to close at $410.85 million compared to $303.09 million for the comparable quarter of 2023.
Direct expenses amounted to $928.86 million (2023: 859.62 million), this represents an increase of 8% year over year. Consequently, gross profit decreased 4% to $171.86 million compared to $179.53 million for the nine months ended March 31, 2023. The Company booked gross profit of $83.05 million for the third quarter versus $42.47 million reported for the similar quarter of 2023.
Administration expenses increase by 25% to close at $166.01 million (2023: $133.29 million), while Other operating income increase by 2718% from $5.78 million in 2023 to $162.95 million in the period under review. the vast increase stemmed from a Gain on sale of Property, Plant and Equipment of $154,71 million. As a result, operating profit for the nine months ended March 31, 2024, amounted to $168.80 million, a 225% increase relative to $52.02 million reported in 2023.
Finance costs for the nine months ended March 31, 2024, amounted to $45.40 million, a 6% decline relative to $48.17 million reported in 2023. Finance costs for the third quarter amounted to 11.78 million (2023: $19.88 million). Profit Before taxation totalled $123.40 million, a 3109% surge from the corresponding period last year. (2023: $3.85 million).
Net Profit attributable to stockholders of the company for the nine months amounted to $123.51 million, a 3053% increase from the $3.92 million reported in 2023. For the third quarter, Net Profit attributable to stockholders of the company was $16.62 million (2023 net loss: $20.82 million).
Consequently, Earnings Per Share for the nine months amounted to $0.14 (2023: LPS: $0.0045), while Earnings Per Share for the quarter totaled $0.02 (2023: LPS: $0.02). The twelve-month trailing EPS was $0.40, and the number of shares used in these calculations was 862,216,800.
Notably, PAL’s stock price closed the trading period on May 15, 2024, at a price of $1.03 with a corresponding P/E ratio of 2.55x.
Balance Sheet Highlights
The Company’s assets totalled $2.24 billion (2023: $1.61 billion). This was attributable to a 47% increase in property, plant and equipment the third quarter of 2024 $1.54 billion compared to the $1.05 billion reported for the third quarter of 2023.
Shareholder’s equity was $1.24 billion (2023: $383.28 million), representing a book value per share of $1.44 (2023: $0.44).
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