December 2, 2021
Palace Amusement Company’s (PAL) for the year ended June 30, 2021, reported total revenues of $105.77 million, an 89% decrease when compared with the $919.84 million recorded for the corresponding period in 2020. The total revenue for the quarter decreased 48% to total $10.77 million relative to the $20.67 million recorded for the same period in 2020.
Direct Expenses for the year amounted to $341.79 million a 61% decrease when compared with $880.58 million recorded for the same period in 2020. As such, gross loss for the period amounted to $236.02 million, relative to a profit of $39.26 million booked in 2020. For the quarter, PAL recorded a gross loss of $50.82 million, relative a gross loss of $48.50 million for the corresponding quarter of 2020.
Notably, the company booked an operating income of $6.62 million, versus $6.88 million recorded for the prior year.
Administrative Expenses decreased by $61.39 million or 35% to total $113.10 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 $342.49 million, relative to an operating loss of $128.34 million in the corresponding period of 2020. For the quarter, operating loss totalled $98.80 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 $358.39 million, versus a loss of $133.81 million booked in 2020. Tax charge for the period in review amounted to $24.68 million relative to tax credit of $34.20 million recorded for the comparable period for the prior year.
As a result, Net loss amounted to $383.08 million, relative to a net loss of $99.61 million recorded in 2020. For the quarter, net loss amounted to $128.34 million, relative to a net loss of $50.54 million recorded for the same quarter in 2020.
Total comprehensive income for the year amounted to $240.89 million compared to a loss of $102.89 million for the corresponding period in 2020. While for the quarter, comprehensive income amounted to $493.25 million (2020: loss of $49.61 million).
Consequently, Net loss attributable to shareholders for the year amounted to $383.01 million, versus an attributable loss of $99.84 million documented for 2020.
Loss per share (LPS) for the year ended totaled $266.53 (2020: LPS $69.47), while LPS for the quarter totaled $89.35 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 December 1, 2021 at J$1,010.36.
Balance Sheet Highlights:
As at June 30, 2021, the Company reported total assets of $1.56 billion, a 50% increase when compared to $1.04 billion in the prior year. This increase in assets was primary due to ‘Property, Plant &Equipment’ which closed at $1.15 billion (2020: $533.61 million).
Shareholders’ Equity as at June 30, 2021 was $636 million compared to $395.69 million for the prior year. This resulted in a book value per share of $442.58 compared to $275.35 booked a year ago.
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