Sunshine Palace opens June

Palace Amusement is expanding with the re-entry into the rapidly growing Portmore community with the new cinema Sunshine Palace expected to open around mid-June.
The newest cinema house when complete, will bring the number of movie houses operated by Palace to four. The new cinema has 4 auditoriums, providing seating for 674 persons. Patrons will be enjoy the best movie facilities in Jamaica with some seats equipped to recline for greater comfort and will enjoy digital screens for better quality viewing experience. The company in its 2018 annual report had stated then, “we are excited about the offerings of the four screens location to come” in Portmore. Reports reaching IC Insider.com is that the resident of the area are eagerly awaiting the opening new facility that will be located at the new Portmore Sunshine Mall, next door to the Sovereign Village Portmore.

The company also stated, “It is our hope, in short order, to introduce laser technology in our cinema projection–which will offer a superior light quality for films. Additionally, we will introduce disposable 3D glasses in some of our locations–in response to customer preference and requests.”
In 2004 fiscal year, the then Portmore cinema brought in just over $15 million in revenue, with segment profit of $1.2 million. In 2004, the population was around 160,000 persons and is now around 200,000, but the cinema can pull support from the wider environs including the parish capital, Spanish Town. IC Insider.com estimates that the new cinema could generate revenues of more than $350 million per year, assuming that at least just one person on average from the area attends the cinema annually. The estimated revenue would be just ahead of that is generated in the Montego Bay. With Portmore so close to Kingston, it could result in a switch in some of the existing business to the new one.Palace reported it best year ever with the fiscal year to June 2018 with profit after tax of $152 million up from just $33 million in 2017 fiscal year and earnings per share of $96.58. Revenues climbed nicely by 17 percent to $1.67 billion flowing from a 25 percent rise in patronage income at Carib, 27 percent increase at Cineplex and just 11.5 percent in Montego Bay. The results for the nine months to March this year lagged far behind the 2018 out turn, for the similar period with revenues of $775 million versus $836 million for 2018 and a loss from operations of $1.5 million compared to a profit of $49 million. A capital distribution of nearly $47 million boosted profit for the nine months this year to $45 million.
Palace share last traded on the main market of the Jamaica Stock Exchange at $1,300.