December 10, 2019
Palace Amusement Company Limited (PAL) held their Annual General Meeting (AGM) on December 10, 2019 at 1A South Camp Road. Chairman, Mr. Douglas Graham, highlighted that the Company’s performance for the 2018 financial year was better than 2019 financial year due to 2018 being a peculiar year with numerous record-breaking shows as well as the sale of the real estate property in Habour View, subsequent to winding up the operations of Harbour View Cinema Company Limited in 2018.
For 2019, the Company implemented a number of upgrades throughout the year, such as:
- The quality of the 3D effects was improved by including the introduction of Master Image equemtnet to capitalize on the light output from the laser projectors and silver screens, Sharper and brighter images.
- All locations now offer a ticket retrieval option from a Kiosk with 24 hour access to purchase tickets directly from a kiosk at the box office using Visa Debit and Credit Cards.
- Reservations of seats made easier, patrons can now call for VIP seats in Portmore and Sky Box Seats in Montego Bay.
Additionally, Palace Amusement opened its new location on July 24, 2019 in Portmore. However, the location’s performance was hampered by the presence of a State of Emergency. The Chairman mentioned that, “the State of Emergency introduced by law enforcement in St. Catherine resulted in major financial tension experienced through the loss of some show-times.” Additionally, Mr. Graham noted, “the expectation of the Portmore cinema is that it will underperform due to the State of Emergency, however when lifted, the theatre should realize improved revenue.”
The Company’s performance for the 2019 financial year showcased revenue dipping by 4% to $1.11 billion relative to $1.16 billion the previous year. Net profit for the year ended June 30, 2019 amounted to $70.36 million, a 49% decrease. However, revenue for the quarter ended September 30, 2019 totalled $369.99 million relative to $269.38 million, a 37% increase year over year. Net profit for the quarter totalled $18.13 million compared to $9.95 million the corresponding quarter last year.
Looking ahead, the following outlook was provided:
- In short order, Palace will improve their sound quality in all the locations with upgraded Processors and with all technological advancements
- Mobile App to compliment the website access
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