Palace Amusement Company (PAL) for the year ended June 30, 2018 reported total revenues of $1.17 billion, an 18% increase when compared with the $990.14 million recorded for corresponding period in 2017. Total revenue for the quarter increased 10% to total $330.8 million relative to the $299.06 million recorded for same period in 2017.
Direct Expenses for the period amounted to $890.73 million a 13% or 101.48 million increase when compared with the $789.25 million recorded for the same period in 2017. As such, gross profit for the period amounted to $275.31 million (2017: $200.89 million), a 37% when compared to the corresponding period in 2017. Gross profit rose 21% for the quarter to $86.76 million compared to $71.93 million for the corresponding quarter of 2017.
Administrative Expenses increased by $17.60 million or 10% to total $188.21 million when compared to $170.61 million recorded for the comparable period in the prior year. Notably, other operating income for the year ended surged 427% to total $67.28 million relative to the $12.77 million booked in same period for 2017. Consequently, operating profit for the period amounted to $154.37 million, a 259% increase relative to an operating profit of $43.05 million in 2017. For the quarter, operating profit increased 178% to total $103.40 million relative to the $37.16 million booked in 2017.
For the period, finance costs increased 57% moving to $2.14 million relative to the $1.36 million recorded in 2017. Taxes incurred for the period in review amounted to $7,000 relative $8.87 million recorded for comparable period for the prior year.
As a result, Net profit for the period amounted to $152.23 million, a 364% improvement when compared with the net profit of $32.82 million recorded in the corresponding period for 2017. For the quarter, net profit amounted to $102.94 million, a 269% increase when compared with the $27.89 million recorded for the same quarter in 2017.
Total comprehensive income for the period amounted to $154.41 million compared to the $42.87 million for the corresponding period in 2017.
Consequently, Net profit attributable to shareholders for the year amounted to $138.79 million, versus the $33.01 million compared to the corresponding period in 2017. For the quarter, Net profit attributable to shareholders amounted to $89.38 million (2017: $27.97 million).
Earnings per share (EPS) for the year ended totaled $96.58 (2017: $22.97) while EPS for the quarter totaled $62.20 relative to $22.60 in 2017. The number of shares used in our calculations is 1,437,028 units. Notably, the stock price for PAL closed the trading period on August 14, 2018 at JMD $1425.00.
Balance Sheet Highlights:
As at June 30, 2018 the Company reported total assets of $674.49 million, a 33% increase when compared to $508.99 million in the prior year. This increase in assets was primary due to a 194% increase in ‘Cash and Bank Balances’ to total $119.37 million (2017: $81.16 million). Short term deposits also aided the movement to close at $165.59 million (2017: $60.35 million).
Shareholders’ Equity as at June 30, 2018 was $495.42 million compared to $356.42 million for the prior year. This resulted in a book value per share of $344.66 compared to $178.44 booked a year ago.
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