October 09, 2023
The Palace Amusement Company Limited (PAL) for the year ended June 30, 2023 reported a 134% increase in Revenue totaling $1.52 billion compared to $649.04 million in the corresponding period last year. Revenue for the fourth quarter had a 74% increase to close at $480.31 million compared to $275.40 million for the comparable quarter of 2022.
Direct expenses amounted to $1.22 billion (2022: $706.27 million), this represents an increase of 73% year over year. Consequently, gross profit increased by 620% to $297.32 million compared to a loss of $57.23 million for the year ended June 30, 2022. The company booked gross profit of $117.79 million for the fourth quarter versus $45.53 million reported for the similar quarter of 2022.
Administration expenses increased by 19% to close at $208.07 million (2022: $174.49 million), while Other operating income increased by 71% from $9.42 million in 2022 to $16.14 million in the period under review. As a result, operating profit for the year ended June 30, 2023 amounted to $105.39 million relative to operating loss of $222.30 million reported in 2022.
Finance costs for the year ended June 30, 2023, amounted to $57.78 million, a 27% decrease relative to $45.32 million reported in 2022. Finance costs for the fourth quarter amounted to $9.61 million (2022: $13.93 million). Profit Before taxation totalled $47.61 million (2022: loss before taxation of $267.62 million).
Taxation for the year ended June 30, 2023, amounted to $180.53 million, a 2503% increase relative to $6.94 million reported in 2022. Taxation for the fourth quarter amounted to $180.53 million (2022: $6.94 million).
Net profit amounted to $228.14 million (2022: net loss of $260.68 million). For the quarter, net profit totalled $224.30 million (2022: net profit of $8.05 million).
Total Comprehensive Income for the year ended June 30, 2023 had a 178% increase to reach $197.10 million (2022: Loss of $252.14 million) . Net Profit attributable to stockholders of the company for the year amounted to $228.16 million, a 188% increase from the loss of $260.67 million reported in 2022. For the fourth quarter, Net Profit attributable to stockholders of the company was $224.25 million (2022: $8.06 million).
Consequently, Earnings Per Share for the year amounted to $0.26 (2022: LPS: $0.30), while Earnings Per Share for the quarter totaled $0.26 (2022: EPS: $0.01). The number of shares used in these calculations was 862,216,800.
Notably, PAL’s stock price closed the trading period on October 06, 2023 at a price of $1.56 with a corresponding P/E ratio of 5.90x.
Balance Sheet Highlights
As at June 30, 2023, the Company reported total assets of $1.78 billion, a 1% decrease when compared to $1.77 billion in the prior year. This increase in assets was primary due to ‘Property, Plant & Equipment’ which closed at $1.03 billion (2022: $1.09 billion).
Shareholder’s equity was $580.52 million (2022: $383.31 million), representing a book value per share of $0.67 (2022: $0.44).
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