PAL reports year end net loss attributable to shareholders of $257.09 million

August 15, 2022

Palace Amusement Company (1921) Limited for the year ended June 30, 2022, reported total revenues of $649.04 million, an 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 $699.28 million a 105% increase when compared with $341.79 million recorded for the same period in 2021. As such, gross loss for the period amounted to $50.24 million, relative to a loss of $236.02 million booked in 2021. For the quarter, PAL recorded a gross profit of $52.51 million, relative a gross loss of $50.51 million for the corresponding quarter of 2021.

Notably, the company booked operating income of $9.94 million, versus $6.68 million recorded for the prior year.

Administrative Expenses increased by 51% to total $170.96 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 $211.78 million, relative to an operating loss of $342.43 million in the corresponding period of 2021. For the quarter, operating profit totalled $25.57 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 $257.10 million, versus a loss of $358.32 million booked in 2021. There was no tax charge for the period (2021: $24.68 million).

As a result, net loss amounted to $257.10 million, relative to a net loss of $383.08 million recorded in 2021. For the quarter, net profit amounted to $11.64 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 $250.51 million compared to an income of $240.89 million for the corresponding period in 2021. While for the quarter, comprehensive income amounted to $11.64 million (2021: $493.25 million).

Consequently, net loss attributable to shareholders for the year amounted to $257.09 million, versus an attributable loss of $382.94 million documented for 2021.

Loss per share (LPS) for the year ended totaled $178.90 (2021: LPS $266.49), while LPS for the quarter totaled $8.10 relative to an LPS of $89.35 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 August 15, 2022 at J$819.99.

Balance Sheet Highlights:

As at June 30, 2022, the Company reported total assets of $1.78 billion, a 14% increase when compared to $1.56 billion in the prior year. This increase in assets was primary due to a 1,145% increase in ‘Investments’ which closed at $241.38 million (2021: $19.38 million).

Shareholders’ Equity as at June 30, 2022 was $384.85 million compared to $636 million for the prior year. This resulted in a book value per share of $267.81 compared to $442.58 booked a year ago.

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2022-08-15T20:14:01-05:00