PAL reports 247% increase first quarter net profit

The Palace Amusement Company (1921) Limited (PAL) for the three months ended September 30, 2017 booked an 12% improvement in revenue to $259.96 million (2016: $231.84 million), while Direct Expenses increased by 9% to $204.66 million (2016: $187.09 million). As a result, Gross Profit increased by 24% to $55.30 million (2016: $44.75 million)

Other Operating Income declined to $2.48 million (2016: $2.54 million), a 2% decline while Administrative Expenses increased by 8% to $47.89 million (2016: $44.26 million). Consequently, Operating Profit for the period grew to $9.89 million relative to the $3.03 million reported for the corresponding period in 2016.

Interest Expense rose to $592,000, a 71% increase compared to $346,000 recorded in 2016. Net Profit for the period was 247% higher than the prior year, totalling $9.30 million (2016: $2.68 million).

Profits attributable to Stockholder’s of the Company amounted to $9.34 million for the period relative to $2.73 million in 2016, a 247% increase year over year.

Total Comprehensive Income for the first quarter amounted to $11.07 million relative to $2.49 million.

As such, the earnings-per-share for the period amounted to $6.50. The twelve month earnings-per-share amounted to $30.72.  The amount of shares used in our calculation is 1,437,028.


Balance Sheet Highlights:

 The company, as at September 30, 2017, recorded total assets of $506.17 million, a increase of 13% when compared to $447.66 million recorded last year. the growth year over year was due mainly to a 247% increase in cash and bank balances which closed at $86.02 million (2016: $24.80 million).

Total Stockholders’ Equity as at September 30, 2016 closed at $367.49 million, compared to $317.17 million for the corresponding period last year. This resulted in a book value of $255.73 per share compared to $220.72 as at September 30, 2016.




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