October 17, 2024
The Palace Amusement Company Limited (PAL)
Audited financials for the year ended June 30, 2024:
The Palace Amusement Company Limited (PAL) for the year ended June 30, 2024, reported an 8% decrease in Revenue totaling $1.40 billion compared to $1.52 billion in the corresponding period last year. Revenue for the fourth quarter had a 38% decrease to close at $298.76 million compared to $480.31 million for the comparable quarter of 2023.
Gross profit decreased by 40% to $178.62 million compared to $297.32 million for the twelve months ended June 30, 2023. The company booked gross profit of $6.76 million for the fourth quarter versus $117.79 million reported for the similar quarter of 2023.
Administration expenses increased by 2% to close at $212.92 million (2023: $208.07 million), while Other operating income increased by 734% from $16.14 million in 2023 to $134.61 million in the period under review. As a result, operating profit for the twelve months ended June 30, 2024, amounted to $100.30 million, a 5% decrease relative to $105.39 million reported in 2023.
Finance costs – interest expense for the twelve months ended June 30, 2024, amounted to $55.29 million, a 4% increase relative to $57.78 million reported in 2023. Finance costs – interest expense for the fourth quarter amounted to $9.89 million (2023: $9.61 million). Profit Before taxation totalled $45.02 million, a 5% decrease from the corresponding period last year. (2023: $47.61 million).
Taxation for the twelve months ended June 30, 2024, amounted to $15.30 million, a 92% decrease relative to $180.53 million reported in 2023. Taxation for the fourth quarter amounted to $15.30 million (2023: $180.53 million).
Total Comprehensive Income for the twelve months ended June 30, 2024, had a 129% increase to reach $451.57 million (2023: $197.10 million). Net Profit attributable to stockholders of the company for the twelve months amounted to $60.37 million, a 74% decrease from the $228.16 million reported in 2023. For the fourth quarter, Net loss attributable to stockholders was $63.14 million, a 124% decrease when compared to the Net Profit attributable to stockholders in the similar period of $224.25 million.
Consequently, Earnings Per Share for the twelve months amounted to $0.07 (2023: EPS: $0.26), while Loss Per Share for the quarter totaled $0.07 (2023: EPS: $0.26). The number of shares used in these calculations was 862,216,800.
Notably, PAL’s stock price closed the trading period on October 16, 2024, at a price of $1.08 with a corresponding P/E ratio of 15.44x.
Balance Sheet Highlights
The company’s assets totalled $2.06 billion (2023: $1.78 billion). This increase in total assets was attributable to ‘Property, Plant and Equipment’ amounting to $1.53 billion (2023: $1.03 billion).
Shareholder’s equity was $1.03 billion (2023: $580.52 million), representing a book value per share of $1.20 (2023: $0.67).
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