Movie theatre operators Palace Amusement is reporting that it made a profit in its second quarter ended December.
Post tax earnings for the three months amounted to $78.7 million versus a loss of $111.6 million for the same period in 2021.
Revenues for the quarter improved to $486.35 million versus $151.15 million for the similar quarter in 2021.
Palace Amusement reported a positive bottom line for the first time since the pandemic, except for the New Kingston Drive-In, which remained closed due to surrounding light and noise concerns.
The company's turnaround in the second quarter was attributed to an increase in attendance, driven by the release of three blockbuster movies.
Last year, the company's board of directors and shareholders agreed to expand its authorised share capital to an unlimited number of shares and execute a stock split.
The 600-one split saw shares moving from $2,701.08 last Friday, to $5.94 on Monday.
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