Palace Amusement is reporting a net profit of $11.6 million for the fourth quarter ended June 30, 2022, a contrast to the loss of $128 million during the same period last year.

In its unaudited financials for the quarter the company disclosed that it continues to take significant operational steps to preserve cash and control costs.

This on the heels of two years of pandemic restrictions, which subdued growth and forced the group to pivot.

Palace said the quarter to June 2022 saw an improved response at the box office, with almost 120,000 patrons in that period. In light of that, the company believes that things continue to trend in the right direction.

Notably, this year’s revenues for Palace reflect almost 60 per cent of pre-COVID-19 numbers and just about 70 per cent of the three quarters in the 2020 financial year before the pandemic.

The cinema-based company added that efforts to reopen Palace Cineplex in Sovereign Centre was achieved on Wednesday, May 4, 2022 with the release of Doctor Strange in the Multiverse of Madness.

The company stressed that Palace Cineplex continues to be a key player for families and its alternative content audience and will be marketed as such in the months ahead.

Cinema chains across the US and the rest of the world have reopened and release dates for some blockbusters, like Top Gun, have been brought forward, signalling a hopeful path to recovery for the industry.

The “In Theatres Only” release principle and tag line has certainly benefited the industry and its efforts to reclaim the audience.

Here in Jamaica Palace said it continues to remind patrons of a quality cinema experience and remain steadfast to the goal of keeping its doors open and good pictures on its screens.

The company is anticipating the slate of pictures set for release in the months ahead, with hopes they will attract more patrons to the cinema.

In its bid to seek opportunities to pivot and to generate revenues wherever possible, Palace engaged in several initiatives to stay afloat.

The New Kingston Drive-In cinema, which was opened in October 2020, was a game-changing move right next to becoming a registered participant of the E-Commerce National Delivery System (ENDS) programme, which allowed patrons to retain their ticket stubs for authentication on their way home from the movies during a curfew, if stopped by the police.

Additionally, the implementation of mid-afternoon weekend matinees and the adjustment of show times on early curfew days helped to create a steady flow of revenue.

Other activities promoting buyouts and cinema rental packages (with food combos, if desired) to schools and corporate entities as a way of meeting up with friends and colleagues in the “work-from-home” era was also innovative ways to keep the doors open.

This was coupled with the continued campaign to encourage a “return to the cinema”.

Aside from that, the avid and consistent search for alternative concession suppliers to hedge against possible supply chain deficiencies.

Palace said it is having ongoing negotiations of current lease arrangements with the owners of its rented properties, especially with regard to the write-back of a portion of rent as well as new lease arrangements for two properties.