Thread by @MoneyMax101

Palace Amusement📽️🎬 finally released their Dec 2020 results & as expected... Its not good😟😫

Revenues🔻 87.6% for Q2

Meaning, in Dec 2019 for instance they made $255 million in sales from the Carib Cinema location alone (its largest)

In 2020, that fell to just $21m

That's an over 90% drop for their largest location, during Oct to Dec 2020!

Added to that they have had to borrow money, so now
• Finance costs have more than tripled

• And they are now reporting a Loss of -$82m. 4 and a half times the loss of -$18m made last year Dec 2019

• They will definitely need some cash to continue their operations. Company has a negative cash balance (despite getting over $125m in loans)

• On the bright side🥳🙌, they were able to bring in $9m in sales from the New Kingston Drive-In🚗🎞️🎬

If they can milk the drive-in 🚗🎬📽️ business, they can bring in some more revenue... but it will definitely not be saving the business at this rate

In the 3 months (Oct-Dec)
• 🔼+$9m from drive-in
• 🔻-$234m lost on Carib alone
Madness

Land is costing them -$600k per month

Here's how the J$9m was made from the Drive In business

Less than half came from movie ticket sales
• 46% from tickets 🎫

The rest
• 27% food 🥧🍬🍪🍨🍩🥤🍿
• 25% screen ads📺

Then subtract J$600k * 3 months (rent), plus cost of food and other items... 🤷‍♂️

Last one. Important to note that:

• Cinemas were closed for nearly 4 of the 6 months
• Due to curfew hours, the number of shows were down to 1 per day
• Due to low attendance Sovereign and Montego Bay closed In September
• Drive In started late Oct