May 18, 2022
Palace Amusement Company (PAL), for the nine months ended March 31, 2022, reported total revenues of $373.65 million, a 293% increase when compared with the $95 million recorded for corresponding period in 2021. Total revenue for the quarter increased 400% to total $141.98 million relative to the $28.38 million recorded for same period in 2021.
Direct Expenses for the nine months ended March 31, 2022, amounted to $476.40 million a 70% increase when compared with the $280.20 million recorded for the same period in 2021. As such, gross loss for the period amounted to $102.75 million a 45% fall when compared to the gross loss of $185.20 million in 2021. Gross loss for the quarter amounted to $30.47 million compared to a gross loss of $58.85 million for the corresponding quarter of 2021.
Administrative expenses for the nine months increased 85% to total $137.44 million when compared to $74.40 million recorded for the comparable period in the prior year. Other operating income for the nine months decreased 82% to total $2.84 million relative to the $15.90 million booked in same period for 2021.
Consequently, operating loss for the nine months period amounted to $237.35 million, relative to an operating loss of $243.69 million in 2021. For the quarter, operating loss totalled $63.22 million relative to an operating loss of $74.27 million booked in 2021.
For the nine months period, finance costs rose 191% to $31.39 million relative to the $10.80 million recorded in 2021. There was no taxation charge for the nine months ended March 31, 2022 relative to taxation charge of $234,000 in 2021.
As a result, net loss for the nine months ended March 31, 2022 amounted to $268.74 million when compared with a net loss of $254.73 million recorded for the corresponding period for 2021. For the quarter, net loss amounted to $77.40 million, compared with a net loss of $78.32 million recorded for the same quarter in 2021.
Consequently, net loss attributable to shareholders for the nine months period amounted to $268.73 million, versus the net loss attributable to shareholders of $254.61 million for the comparable period in 2021. For the quarter, net loss attributable to shareholders amounted to $77.44 million relative to a net loss attributable to shareholders of $78.25 million for the third quarter of 2021.
Total comprehensive loss for the nine months ended March 31, 2022 amounted to $262.14 million compared to a total comprehensive loss of $252.36 million for the corresponding period in 2021.
Loss per share (LPS) for the quarter totalled $53.89 relative to a LPS of $54.45 in 2021. For the nine months ended March 31, 2022, the Company recorded a LPS of $187.00 relative to a LPS of $177.18 for the comparable period in 2021. The twelve-month trailing LPS is $276.35. The number of shares used in our calculations is 1,437,028 units. Notably, the stock price for PAL closed the trading period on May 17, 2022 at J$954.94.
Balance Sheet Highlights:
As at March 31, 2022 the Company reported total assets of $1.84 billion, an 86% increase when compared to $986.80 million in the prior year. This increase in assets was primarily due to a 122% increase in ‘Property, plant and equipment’ to total $1.12 billion (2021: $497.43 million) but was tempered by an 18% decline in ‘Right of Use Assets’ to $262.32 million (2021: $318.75 million).
Shareholders’ Equity as at March 31, 2022 was $373.21 million compared to $131.30 million for the prior year. This resulted in a book value per share of $259.71 compared to $91.37 booked a year ago.
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer(s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view(s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.