February 13, 2024
The Palace Amusement Company Limited (PAL) for the six months ended December 31, 2023, reported a 6% decrease in Revenue totalling $689.87 million compared to $736.06 million in the corresponding period last year. Revenue for the second quarter had a 47% decrease to close at $255.96 million compared to $486.35 million for the comparable quarter of 2022.
Direct expenses amounted to $601.06 million (2022: 599.00 million). Consequently, gross profit decreased by 35% to $88.81 million compared to $137.06 million for the six months ended December 31, 2022. The company booked gross loss of $2.05 million for the second quarter, relative gross profit of $137.76 million reported for the similar quarter of 2022.
Administration expenses increased by 22% to close at $109.27 million (2022: $89.43 million), while Other operating income increased by 2915% from $5.34 million in 2022 to $160.87 million in the period under review. As a result, operating profit for the six months ended December 31, 2023, amounted to $140.41 million, a 165% increase relative to $52.96 million reported in 2022.
Finance costs for the six months ended December 31, 2023, amounted to $33.62 million, a 19% increase relative to $28.29 million reported in 2022.
No taxes was recorded for the period under review. As such net profit totalled $106.79 million, a 333% increase from the corresponding period last year. (2022: $24.67 million). For the quarter, net profit was $84.09 million (2022: $78.66 million).
Net Profit attributable to stockholders of the company for the six months amounted to $106.89 million, a 332% increase from the $24.73 million reported in 2022. For the second quarter, Net Profit attributable to stockholders of the company was $84.17 million (2022: $78.71 million).
Consequently, Earnings Per Share for the six months amounted to $0.12 (2022: EPS: $0.03), while Earnings Per Share for the quarter totaled $0.10 (2022: EPS: $0.09). The twelve month trailing EPS was $0.36 and the number of shares used in these calculations was 862,216,800.
Notably, PAL’s stock price closed the trading period on February 13, 2024, at a price of $1.19 with a corresponding P/E ratio of 3.31x.
Balance Sheet Highlights
The company’s assets totalled $2.17 billion (2022: $1.71 billion). The growth in total assets was primarily driven by a 46% increase in ‘Property, plant and equipment’ to $1.55 billion (2022: $1.06 billion).
Shareholder’s equity was $1.22 billion (2022: $404.42 million), representing a book value per share of $1.42 (2022: $0.47).
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