February 18, 2022

Palace Amusement Company (PAL) reported six months total revenues of $231.67 million, a 248% increase when compared with the $66.62 million recorded for corresponding period in 2020. Total revenue for the quarter increased 307% to total $151.15 million relative to the $37.14 million recorded for same period in 2020.

Direct Expenses for the six months period amounted to $303.95 million, a 58% increase when compared with the $192.98 million recorded for the same period in 2020. As such, gross loss for the period amounted to $72.28 million versus a gross loss of $126.35 million booked for 2020 corresponding period. Meanwhile, gross loss for the quarter amounted to $25.25 million compared to a loss of $55.14 million for the corresponding quarter of 2020.

Administrative Expenses, for the six months ended December 31, 2021, increased by 122% to total $103.99 million when compared to $46.77 million recorded for the comparable period in the prior year. Notably, other operating income for the six months totalled $2.15 million relative to the other operating income of $3.70 million booked in same period for 2020. Consequently, operating loss for the six months period amounted to $174.13 million relative to an operating loss of $169.43 million in 2020. For the quarter, operating loss totalled $99.17 million compared to the operating loss of $78.01 million booked in 2020.

For the six months period, finance costs rose from $6.75 million in 2020 to $17.21 million booked in 2021. As a result, loss before tax amounted to $191.34 million relative to a profit of $176.18 million booked in 2020.

There was no a taxation charge for the period relative to $234,000 booked December 2020, as a result, net loss for the six months period amounted to $191.34 million relative to the net loss of $176.41 million recorded in the corresponding period for 2020. For the quarter, net loss amounted to $111.65 million, compared to a loss of $81.70 million recorded for the same quarter in 2020.

Total comprehensive loss for the period amounted to $184.75 million compared to a comprehensive loss of $173.10 million for the corresponding period in 2020.

Consequently, Net loss attributable to shareholders for the period amounted to $191.29 million, versus a loss of $176.36 million booked in the corresponding period in 2020. While comprehensive loss attributable to shareholders for the period amounted to $185.35 million versus an loss of $173.30 million booked twelve months earlier.

Loss per share (LPS) for the period totalled $133.12 relative to loss per share of $122.72 in 2020. For the quarter, the company recorded loss per share of $77.67 relative to the loss per share of $56.85 for the comparable period in 2020. The twelve month trailing loss per share is $256.14 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 February 17, 2022 at J$950.00.

Balance Sheet Highlights:

As at December 31, 2021, the Company reported total assets of $1.87 billion, a 83% increase when compared to $1.02 billion in the prior year. This growth resulted from ‘Property, plant and equipment’ amounting to $1.12 billion (2020: $511.32 million).

Shareholders’ Equity as at December 31, 2021 was $450.65 million compared to $222.39 million for the prior year. This resulted in a book value per share of $313.60 compared to $154.76 booked a year ago.

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