February 20, 2026
The Palace Amusement Company Limited(PAL)
Unaudited financials for the six months ended December 31, 2025:
The Palace Amusement Company Limited (PAL) for the six months ended December 31, 2025 reported a 20% decline in Revenue, falling to $553.37 million compared to $692.85 million recorded in the corresponding period of 2024. For the second quarter, Revenue totaled $196.86 million, representing a 43% decrease relative to the $347.50 million reported in Q2 2024.
Year to date, Direct expenses amounted to $531.36 million, down 16% from $633.28 million in the prior period.
As a result, Gross Profit decreased by 63% to $22.01 million, compared to $59.57 million for the six months ended December 31, 2024. For the second quarter, PAL recorded a Gross Loss of $23.58 million, versus a Gross Profit of $32.57 million in the same quarter last year.
Administrative expenses increased by 1%, closing at $109.13 million relative to $108.17 million in 2024. Meanwhile, Other Operating Income declined by 52% to $985,000, down from $2.06 million in the prior year. Consequently, Operating Loss for the six‑month period totaled $86.14 million, representing an 85% increase in losses compared to $46.53 million reported for the corresponding period of 2024.
Finance costs for the six months amounted to $28.89 million, reflecting a 77% increase from $16.33 million last year. For the second quarter, finance costs totaled $14.80 million, compared to $6.68 million in Q2 2024. Loss Before Taxation amounted to $115.03 million, up 83% from $62.86 million recorded in the prior year.
No taxation was incurred for the review period, consistent with the prior year.
Total Comprehensive Loss for the six months amounted to $115.03 million, a 74% deterioration relative to the loss of $66.08 million recorded in 2024.
Net Loss attributable to stockholders totaled $115.00 million, representing an 80% deterioration from the $63.76 million reported in the prior year. For the second quarter, Net Loss attributable to stockholders amounted to $87.82 million, compared to $27.22 million in Q2 2024.
Consequently, Loss Per Share for the six months amounted to $0.13 (2024: LPS: $0.08), while Loss Per Share for the quarter totaled $0.10 (2024: LPS: $0.03). The twelve-month trailing LPS was $0.23, and the number of shares used in these calculations was 862,216,800.
Notably, PAL’s stock price closed the trading period on February 19, 2026, at a price of $0.83.
Balance Sheet Highlights
The company’s assets totaled $1.97 billion (2024: $2.08 billion). The movement in total assets was primarily attributable to a 4% decrease in plant, property and equipment (from $1.51 billion to $1.46 billion).
Shareholders’ equity was $783.59 million (2024: $966.91 million), representing a book value per share of $0.91 (2024: $1.12).
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