May 16, 2023
Palace Amusement Company (PAL) reported total revenues of $1.04 billion, a 178% increase when compared with the $373.65 million recorded for corresponding period in 2022. Total revenue for the quarter increased 113% to total $303.09 million relative to the $141.98 million recorded for same period in 2022.
Direct Expenses for the nine months amounted to $859.62 million, an 80% increase when compared with the $476.40 million recorded for the same period in 2022. As such, gross profit for the period amounted to $179.53 million when compared to the gross loss of $102.75 million in 2022.
Administrative expenses for the nine months fell 3% to a total of $133.29 million when compared to $137.44 million recorded for the comparable period in the prior year. Other operating income for the nine months increased 104% to total $5.78 million relative to the $2.84 million booked in same period for 2022.
Consequently, operating profit for the nine months period amounted to $52.02 million, relative to an operating loss of $237.35 million in 2022. For the quarter, operating loss totalled $943,000 relative to an operating loss of $63.22 million booked in 2022.
For the nine months period, finance costs rose 53% to $48.17 million relative to the $31.39 million recorded in 2022. There were no taxation charges for the current nor corresponding period.
As a result, net profit for the nine months amounted to $3.85 million when compared with a net loss of $268.74 million recorded for the corresponding period of 2022. For the quarter, net loss amounted to $20.83 million, compared with a net loss of $77.40 million recorded for the same quarter in 2022.
Consequently, net profit attributable to shareholders for the nine-month period amounted to $3.92 million, versus the net loss attributable to shareholders of $268.73 million for the comparable period in 2022. For the quarter, net loss attributable to shareholders amounted to $20.82 million relative to a net loss attributable to shareholders of $77.44 million for the corresponding quarter.
Loss per share (LPS) for the quarter totalled $0.02 relative to a LPS of $0.09 in 2022. For the nine months, the Company recorded an EPS of $0.005 relative to a LPS of $0.312 for the comparable period in 2022. The twelve-month trailing EPS is $0.014. The number of shares used in our calculations is 862,216,00 units. Notably, the stock price for PAL last traded on May 15, 2023 at $2.91 with a corresponding P/E ratio of 209.58x.
Balance Sheet Highlights:
As at March 31, 2023 the Company reported total assets of $1.61 billion, a 12% decline when compared to $1.84 billion in the prior year. The decline in assets was primarily due to a 59% decline in ‘Right of Use Assets’ to $106.42 million (2022: $262.32 million).
Shareholders’ Equity as at March 31, 2023 was $383.28 million compared to $373.21 million for the prior year. This resulted in a book value per share of $0.44 compared to $0.43 booked a year ago.
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