August 15, 2024
The Palace Amusement Company Limited (PAL)
Unaudited financials for the twelve months ended June 30, 2024:
The Palace Amusement Company Limited (PAL) for the twelve months ended June 30, 2024, reported a 8% decrease in Revenue totaling $1.40 billion compared to $1.52 billion in the corresponding period last year. Revenue for the fourth quarter had a 38% decrease to close at $298.76 million compared to $480.31 million for the comparable quarter of 2023.
Direct expenses amounted to $1.220 billion (2023: $1.222 billion). Consequently, gross profit decreased by 40% to $178.59 million compared to $297.32 million for the twelve months ended June 30, 2023. The company booked gross profit of $6.73 million for the fourth quarter versus $117.79 million reported for the similar quarter of 2023.
Administration expenses increased by 5% to close at $219.08 million (2023: $208.07 million), while Other operating income increased by 939% from $16.14 million in 2023 to $167.73 million in the period under review. As a result, operating profit for the twelve months ended June 30, 2024, amounted to $127.24 million, a 21% increase relative to $105.39 million reported in 2023.
Finance costs – interest expense for the twelve months ended June 30, 2024, amounted to $55.29 million, a 4% increase relative to $57.78 million reported in 2023. Finance costs – interest expense for the fourth quarter amounted to $9.89 million (2023: $9.61 million). Profit Before taxation totaled $71.95 million a 51% increase from the corresponding period last year. (2023: $47.62 million).
No taxation for the twelve months ended June 30, 2024, a 100% decrease relative to $180.53 million reported in 2023.
Total Comprehensive Income for the twelve months ended June 30, 2024 had a 65% decrease to reach $68.04 million (2023: $197.10 million) . Net Profit attributable to stockholders of the company for the twelve months amounted to $72.00 million, a 68% decrease from the $228.16 million reported in 2023. For the fourth quarter, Net Profit attributable to stockholders of the company was $51.51 million (2023: $224.25 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.08 (2023: EPS: $0.26), while Loss Per Share for the quarter totaled $0.06 (2023: EPS: $0.26). The number of shares used in these calculations was 862,216,800.
Notably, PAL’s stock price closed the trading period on August 14, 2024 at a price of $1.10 with a corresponding P/E ratio of 13.18x.
Balance Sheet Highlights
The company’s assets totaled $2.14 billion (2023: $1.78 billion).
Shareholder’s equity was $1.18 billion (2023: $580.52 million), representing a book value per share of $1.37 (2023: $0.67).
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