PAL reports 145% improvement in Third Quarter Profits, while profit for the nine months decline 50%

The Palace Amusement Company (1921) Limited Revenue for the nine months rose 5% to $691.08 million (2016: $659.91 million), while for the third quarter, an increase of 19% was observed. As such, for the quarter revenue rose to $247.34 million relative to $208.82 million in 2016. Direct Expenses for the period inched up decreased by 6% to $562.12 million (2015: $530.25 million).

As a result, Gross Profit declined by 1% to $128.96 million (2016: $129.67 million). the gross profit for the quarter totalled $51.96 million from $44.44 million, following a 19% growth in Direct Expenses year over year.

Other Operating Income declined to $5.93 million (2016: $7.42), a 20% decline, while Administrative Expenses increased 3% to $129 million (2016: $125.61 million). Consequently, Operating Profit for the period fell significantly to $5.89 million relative to the $11.47 million reported for the corresponding period in 2016.

Interest Expense decreased to $958,000, a 40% reduction compared to $1.58 million recorded in 2016. Net Profit for the period was 50% below than the prior year’s corresponding period, totalling $4.93 million (2016: $9.89 million). Palace Amusement Company Limited booked Net Profit in the sum of $13.15 million (2016: $5.36 million).

Profits attributable to Stockholder’s of the Company amounted to $5.05 million for the period relative to $9.98 million in 2016. For the quarter, Profit attributable to Stockholder’s closed at $13.19 million relative to $5.37 million for the quarter ended March 2016.

As such, the earnings-per-share (EPS) for the period amounted to $3.51 relative to $6.95 last year, while for the quarter the EPS totalled $9.18 compared to $3.73. The twelve month earnings-per-share amounted to $10.25. The amount of shares used in our calculation is 1,437,028.

Balance Sheet Highlights:

The company, as at March 31, 2017, recorded Total Assets of $44.85 million, a decline of 1% when compared to $444.63 million recorded last year.

Total Stockholders’ Equity as at March 31, 2017 closed at $319.59 million, compared to $307.92 million for the corresponding period last year. This resulted in a book value of $221.00 per share compared to $214.27 as at March 31, 2016.


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