October 6, 2022
Palace Amusement Company (1921) Limited for the year ended June 30, 2022, reported total revenues of $649.04 million, a 514% increase when compared with the $105.77 million recorded for the corresponding period in 2021. The total revenue for the quarter increased 2,456% to total $275.40 million relative to the $10.77 million recorded for the same period in 2021.
Direct Expenses for the year amounted to $706.27 million a 107% increase when compared with $341.79 million recorded for the same period in 2021. As such, gross loss for the period amounted to $57.23 million, relative to a loss of $236.02 million booked in 2021. For the quarter, PAL recorded a gross profit of $45.53 million, relative a gross loss of $50.81 million for the corresponding quarter of 2021.
Notably, the company booked operating income of $9.42 million, versus $6.69 million recorded for the prior year.
Administrative Expenses increased by 54% to total $174.49 million when compared with the $113.10 million recorded for the comparable period in the prior year. Consequently, operating loss for the period amounted to $222.30 million, relative to an operating loss of $342.43 million in the corresponding period of 2021. For the quarter, operating profit totalled $15.05 million relative to an operating loss of $98.73 million booked in 2021.
For the period, finance cost increased significantly to $45.32 million relative to the $15.90 million recorded in 2021; resulting in loss before tax of $267.62 million, versus a loss of $358.32 million booked in 2021. Tax credit for the period was $6.94 million (2021: tax charge of $24.68 million).
As a result, net loss amounted to $260.68 million, relative to a net loss of $383 million recorded in 2021. For the quarter, net profit amounted to $8.05 million, relative to a net loss of $128.28 million recorded for the same quarter in 2021.
Total comprehensive loss for the year amounted to $252.14 million compared to an income of $240.89 million for the corresponding period in 2021. While for the quarter, comprehensive income amounted to $10 million (2021: $493.25 million).
Consequently, net loss attributable to shareholders for the year amounted to $260.67 million, versus an attributable loss of $382.94 million documented for 2021.
Loss per share (LPS) for the year ended totaled $181.40 (2021: LPS $266.48), while EPS for the quarter totaled $5.61 relative to a LPS of $89.30 in 2021. The number of shares used in our calculations is 1,437,028 units. Notably, the stock price for PAL closed the trading period on October 5, 2022 at J$800.00.
Balance Sheet Highlights:
As at June 30, 2022, the Company reported total assets of $1.77 billion, a 14% increase when compared to $1.56 billion in the prior year. This increase in assets was primary due to ‘Short-term deposits’ which closed at $215.41 million (2021: nil).
Shareholders’ Equity as at June 30, 2022 was $383.31 million compared to $636 million for the prior year. This resulted in a book value per share of $275.35 compared to $442.58 booked a year ago.
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