Palace Amusement Company (PAL) reported six months total revenues of $492.99 million, an 11% increase when compared with the $443.74 million recorded for corresponding period in 2016. Total revenue for the quarter increased 10% to total $233.03 million relative to the $211.90 million recorded for same period in 2016.
Direct Expenses for the period amounted to $394.49, an 8% or $27.74 million increase when compared with the $366.74 million recorded for the same period in 2016. As such, gross profit for the period amounted to $98.51 million (2016: $77 million), a 28% or $21.51 million increase when compared to the corresponding period in 2016. Gross profit rose 34% to $43.20 million compared to $32.25 million for the corresponding quarter of 2016.
Administrative Expenses increased by $5.55 million or 6% to total $93.49 million when compared to $87.94 million recorded for the comparable period in the prior year. Notably, other operating income for the six months declined 95% to total $157,000 relative to the $3.45 million booked in same period for 2016. Consequently, operating profit for the period amounted to $5.17 million relative to an operating loss of $7.49 million in 2016. For the quarter, operating loss decreased 55% to total $4.72 million relative to the operating loss of $10.52 million booked in 2016.
For the six months period, finance costs increased 58% moving to $1.15 million relative to the $727,000 recorded in 2016. There was also no taxes incurred year-to-date for the period in review or for the comparable period the prior year.
As a result, Net profit for the six months period amounted to $4.02 million, an improvement when compared with the net loss of $8.22 million recorded in the corresponding period for 2016. For the quarter, net loss amounted to $5.28 million, a 52% increase when compared with the net loss of $10.90 million recorded for the same quarter in 2016.
Total comprehensive income for the period amounted to $6.18 million compared to a loss of $8.07 million for the corresponding period in 2016.Consequently, Net profit attributable to shareholders for the period amounted to $4.10 million, versus a loss of $8.14 million compared to the corresponding period in 2016.
Loss per share for the quarter totaled $3.65 relative to loss per share of $7.57 in 2016. For the period, the company recorded earnings per share of $2.85 relative to the loss per share of $5.67 for the comparable period in 2016. The twelve month trailing earnings per share is $34.63 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 12, 2018 at JMD $560.00.
Balance Sheet Highlights:
As at December 31, 2017, the Company reported total assets of $512.04 million, a 13% increase when compared to $452.5 million in the prior year.
Shareholders’ Equity as at December 31, 2017 was $362.68 million compared to $306.76 million for the prior year. This resulted in a book value per share of $252.38 compared to $213.47 booked a year ago.
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.