Palace Amusement reports $94.7 million first quarter loss

Palace Amusement Limited saw revenues of $29.49 million, down from $ 369.99 million at September 2020 for the first quarter ended September 30, 2020,

Inside Palace’s Sunshine Cineplex in Portmore, St Catherine. (Photo: Palace Amusement)

Palace made a net loss of $94.71 million for the period, compared to profit of $18.13 million in September quarter 2020.

The company which has restructured its operations and closed two cinemas under conditions caused by COVID-19 also saw other operating income fall during the period from $65.09 million to a negative $71.218, year over year.

Palace Amusement closes two locations effective today

Direct expenses fell to $100.7 million compared to $304.9 million in the similar period in 2019, while administrative costs were $20.95 million compared to $49.62 million at September 2019.

At the end of the quarter, earnings per share were a negative $65.88 per unit down from a positive outturn of $12.59 per stock unit in 2019.

For the year ended June 30, 2020, the company , in audited results, posted revenues of $919.8 million, which is a downturn from $1.11 billion in June 2019.

The company saw net losses of $99.6 million, compared to net profit of $70.3 million at year end June 30, 2019.

In September 2020, Palace shuttered Palace Cineplex and Palace Multiplex effective , citing impact of the COVID-19 pandemic and the continued restrictions placed on operations in the entertainment industry.

Loss per share at year end was $69.48 per unit compared to earnings of $57.36 EPS for the 2019.