November 28, 2024
The Palace Amusement Company Limited (PAL)
Unaudited financials for the first quarter ended September 30, 2024:
The Palace Amusement Company Limited (PAL) for the first quarter ended September 30, 2024 reported a 20% decrease in revenue totalling $345.35 million compared to $433.91 million in the corresponding three months last year.
Direct expenses amounted to $318.35 million (2023: $343.05 million), this represents a decrease of 7% year over year. Consequently, gross profit decreased by 70% to $27.00 million compared to $90.86 million for the first quarter ended September 30, 2023.
Administration expenses increased by 3% to close at $54.90 million (2023: $53.43 million), while Other operating income decreased by 51% from $2.00 million in 2023 to $989,000 for the three months under review. As a result, Operating Loss for the first quarter amounted to $26.91 million (2023: Operating profit of $39.43 million).
Finance costs for the three months amounted to $9.65 million, a 142% decrease relative to $16.72 million reported in 2023. Loss before taxation totaled $36.55 million. (2023: Profit before taxation of $22.71 million).
Total Comprehensive Loss for the three months closed at $36.55 million (2023: Total Comprehensive profit of $23.08 million) . Net Loss attributable to stockholders of the company for the three months amounted to $36.54 million, from the net profit attributable of $22.72 million reported in 2023.
Consequently, Loss Per Share for the three months amounted to $0.04 (2023: EPS: $0.03). The twelve month trailing EPS was $0.001 and the number of shares used in these calculations was 862,216,800. Notably, PAL’s stock price closed the trading period on November 27, 2024 at a price of $1.25 with a corresponding P/E ratio of 1016.77x.
Balance Sheet Highlights
The company’s assets totaled $2.05 billion (2023: $1.75 billion). The movement in total assets was attributable to 49% increase in ‘Property, plant and equipment’ amounting to $1.52 billion (2023: $1.02 billion).
Shareholder’s equity was $996.10 million (2023: $603.58 million), representing a book value per share of $1.16 (2023: $0.70).
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