Date: May 15, 2019
Palace Amusement Company (PAL) for the nine months ended March 31, 2019 reported total revenues of $774.64 million, a 7% decline when compared with the $835.96 million recorded for corresponding period in 2018. Total revenue for the quarter declined 26% to total $254.55 million relative to the $342.98 million recorded for same period in 2018.
Direct Expenses for the period amounted to $638.32 million a 1% decrease when compared with the $647.41 million recorded for the same period in 2018. As such, gross profit for the period amounted to $136.32 million (2018: $188.55 million), a 28% drop when compared to the corresponding period in 2018. Gross profit fell 59% for the quarter to $37.28 million compared to $90.05 million for the corresponding quarter of 2018.
Administrative Expenses increased by 4% to total $144.42 million when compared to $138.65 million recorded for the comparable period in the prior year. Other operating income for the nine months increased 77% to total $1.90 million relative to the $1.07 million booked in same period for 2018. Notably, the Company booked non-operating income of $46.73 million relative to nil the prior year. Consequently, operating profit for the period amounted to $40.52 million, a 21% decline relative to an operating profit of $50.98 million in 2018. For the quarter, operating profit declined 4% to total $44.17 million relative to the $45.80 million booked in 2018.
For the nine months period, finance costs fell 21% moving to $1.32 million relative to the $1.68 million recorded in 2018. Taxes incurred year-to-date for the period in review amounted to $9,000 relative to $7,000 reported for the comparable period the prior year.
As a result, Net profit for the nine months period amounted to $39.19 million, a 20% decline when compared with the net profit of $49.29 million recorded in the corresponding period for 2018. For the quarter, net profit amounted to $43.74 million, a 3% drop when compared with the $45.26 million recorded for the same quarter in 2018.
Total comprehensive income for the period amounted to $44.27 million compared to the $51.31 million for the corresponding period in 2018.
Consequently, Net profit attributable to shareholders for the period amounted to $56.25 million, versus the $51.51 million compared to the corresponding period in 2018. For the quarter, Net profit attributable to shareholders amounted to $56.54 million (2018:45.25 million).
Earnings per share for the quarter totaled $39.34 relative to $31.49 in 2018. For the period, the company recorded earnings per share of $39.14 relative to $35.84 for the comparable period in 2018. The twelve month trailing earnings per share is $89.47. The number of shares used in our calculations is 1,437,028 units. Notably, the stock price for PAL closed the trading period on May 15, 2019 at JMD $1,300.00.
Balance Sheet Highlights:
As at March 31, 2019 the Company reported total assets of $616.80 million, a 6% increase when compared to $582.14 million in the prior year. This increase in assets was primary due to increases in ‘Property, plant and equipment’ and ‘Investments to total $299.38 million (2018: $202.57 million) and $110.37 million (2018: $18.20 million) respectively.
Shareholders’ Equity as at March 31, 2019 was $475.80 million compared to $405.77 million for the prior year. This resulted in a book value per share of $331.10 compared to $282.37 booked a year ago.
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