March 08, 2021
Palace Amusement Company (PAL) reported six months total revenues of $66.62 million, a 90% decrease when compared with the $669.90 million recorded for corresponding period in 2019. Total revenue for the quarter decreased 88% to total $37.14 million relative to the $299.91 million recorded for same period in 2019.
Direct Expenses for the six months period amounted to $192.98 million, a 66% decrease when compared with the $575.47 million recorded for the same period in 2019. As such, gross loss for the period amounted to $126.35 million versus a gross profit of $94.44 million booked for 2019 corresponding period. Meanwhile, gross loss for the quarter amounted to $55.14 million compared to a profit of $29.35 million for the corresponding quarter of 2019.
Administrative Expenses, for the six months ended December 31, 2020, decreased by 51% to total $46.77 million when compared to $96.33 million recorded for the comparable period in the prior year. Notably, other operating income for the six months totalled $3.70 million relative to the other operating income of $3.94 million booked in same period for 2019. Consequently, operating loss for the six months period amounted to $169.43 million relative to an operating profit of $2.04 million in 2019. For the quarter, operating loss totalled $78.01 million compared to the operating loss of $16.77 million booked in 2019.
For the six months period, finance costs rose from $1.89 million in 2019 to $6.75 million booked in 2020. As a result, loss before tax amounted to $176.18 million relative to a profit of $149,000 booked in 2019.
There was a taxation charge of $234,000 (2019: nil), as a result, net loss for the six months period amounted to $176.41 million relative to the net profit of $149,000 recorded in the corresponding period for 2019. For the quarter, net loss amounted to $81.70 million, compared to a loss of $17.98 million recorded for the same quarter in 2019.
Total comprehensive loss for the period amounted to $173.10 million compared to a comprehensive income of $2.52 million for the corresponding period in 2019.
Consequently, Net loss attributable to shareholders for the period amounted to $176.36, versus a profit of $94,000 million booked in the corresponding period in 2019. While comprehensive loss attributable to shareholders for the period amounted to $173.30 versus an income of $2.32 million booked twelve months earlier.
Loss per share (LPS) for the period totalled $122.73 relative to earnings per share of $0.07 in 2019. For the quarter, the company recorded loss per share of $56.85 relative to the loss per share of $12.52 for the comparable period in 2019. The twelve month trailing loss per share is $192.26 and the number of shares used in our calculations is 1,437,028 units. Notably, the stock price for PAL closed the trading period on March 05, 2021 at J$814.15.
Balance Sheet Highlights:
As at December 31, 2020, the Company reported total assets of $1.02 billion, a 35% increase when compared to $759.34 million in the prior year. This growth resulted from ‘Right of use Assets’ amounting to $318.75 million (2019: nil). This increase was tempered by a 80% decrease in ‘Cash and bank balance’ to $11.83 million (2019: $59.61 million).
Shareholders’ Equity as at December 31, 2020 was $222.39 million compared to $501.26 million for the prior year. This resulted in a book value per share of $154.76 compared to $348.81 booked a year ago.
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