After a year of varying curfew measures, government lockdowns, and an economic downturn, Palace Amusement Company (1921) Limited’s fortunes only got worse as its revenues were reduced to a tenth of its 2020 figures at $116.14 million.

The company, which operates four movie theatres and a drive-in, has not been able to sufficiently recover from the novel coronavirus pandemic. Apart from government measures either keeping them closed or limited with movie screenings, its patrons’ pockets were hard hit as unemployment remained high with lower disposable income.

Palace’s fourth quarter was no different than last year as both periods mirrored each other with the exclusion of a tax credit granted in the fourth quarter of 2020 (June 30). Palace recorded a consolidated net loss of $85.83 million which was 70 per cent higher than the $50.54 million in the prior period.

For the overall fiscal year, Palace’s consolidated net loss totalled $340.56 million, much higher than the $99.61 million loss which saw 3.5 months of no operations. Palace’s asset base shrunk by 11 per cent to $926.29 million with its total liabilities now at $869.74 million. Palace’s debt now stands at $313.76 million with a working capital deficit of $304.09 million. Equity attributable to shareholders dropped by 87 per cent to $50 million with its retained earnings of $204.40 million evaporating into an accumulated deficit of $136.03 million.

Following the most recent spike in COVID-19 cases, Palace has reduced the number of showings available to view with its New Kingston drive-in closed. Palace recently reopened its Palace Multiplex location in Montego Bay for patrons on the western end of the island. Palace’s audited financials are due by September 28 since it published its unaudited fourth quarter to the Jamaica Stock Exchange.