August 17, 2021
Palace Amusement Company’s (PAL) for the year ended June 30, 2021, reported total revenues of $116.14 million, a 87% decrease when compared with the $919.84 million recorded for the corresponding period in 2020. The total revenue for the quarter increased 2% to total $21.14 million relative to the $20.67 million recorded for the same period in 2020.
Direct Expenses for the year amounted to $351.79 million a 60% decrease when compared with $880.58 million recorded for the same period in 2020. As such, gross loss for the period amounted to $235.65 million, relative to a profit of $39.26 million booked in 2020. For the quarter, PAL recorded a gross loss of $50.45 million, relative a gross loss of $48.50 million for the corresponding quarter of 2020.
Notably, the company booked an operating income of $17.96 million, versus $6.88 million recorded for the prior year.
Administrative Expenses decreased by $67.75 million or 39% to total $106.73 million when compared with the $174.49 million recorded for the comparable period in the prior year. Consequently, operating loss for the period amounted to $324.43 million, relative to an operating loss of $128.34 million in the corresponding period of 2020. For the quarter, operating loss totalled $80.73 million relative to an operating loss of $82.37 million booked in 2020.
For the period, finance cost increased significantly to $15.90 million relative to the $5.47 million recorded in 2020; resulting in loss before tax of $340.33 million, versus a loss of $133.81 million booked in 2020. Tax charge for the period in review amounted to $234,000 relative to tax credit of $34.20 million recorded for the comparable period for the prior year.
As a result, Net loss amounted to $340.56 million, relative to a net loss of $99.61 million recorded in 2020. For the quarter, net loss amounted to $85.83 million, relative to a net loss of $50.54 million recorded for the same quarter in 2020.
Total comprehensive loss for the year amounted to $333.73 million compared to a loss of $102.89 million for the corresponding period in 2020. While for the quarter, comprehensive loss amounted to $81.37 million (2020: loss of $49.61 million).
Consequently, Net loss attributable to shareholders for the year amounted to $340.43 million, versus an attributable profit of $99.84 million documented for 2020.
Loss per share (LPS) for the year ended totaled $236.90 (2020: LPS $69.47), while LPS for the quarter totaled $59.72 relative to an LPS of $35.22 in 2020. 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 16, 2021 at J$1,033.76.
Balance Sheet Highlights:
As at June 30, 2021, the Company reported total assets of $926.29 million, a 11% decrease when compared to $1.04 billion in the prior year. This decrease in assets was primary due to ‘Right of use assets’ to total $262.32 million (2020: $318.75 million) and ‘Property, Plant &Equipment’ which closed at $492.93 million (2020: $533.61 million).
Shareholders’ Equity as at June 30, 2021 was $49.50 million compared to $395.69 million for the prior year. This resulted in a book value per share of $34.45 compared to $275.35 booked a year ago.
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