Premium Leisure Corp posts net income of US$11.2m for Q1

Net income for the three months ended March 31 was up 109.6 per cent when compared to the previous year.

The Philippines.- Premium Leisure Corp (PLC) has shared its financial results for the three first months of the year. It reported net income of PHP625.4m (US$11.2m), up 109.6 per cent on year-on-year terms, and an aggregate income of PHP893.9m, up 99.4 per cent.

Its share of the gaming business at City of Dreams Manila accounted for 80 per cent of its income in the period, at nearly PHP714.7m. The company attributed the improvement in revenues to “better and more robust economic activities in 2023, despite the continuing effects of the Covid-19 pandemic in the country.”

In March, Premium Leisure Corp. reported consolidated revenues of PHP2.08bn (US$37.8m) for the year 2022, up 20.4 per cent on year-on-year terms, and a consolidated net income of nearly PHP1.26bn, up 11.8 per cent.

Belle Corp., its parent company, reported revenue of nearly PHP5.42bn for full-year 2022, a 58.5 per cent increase from the previous year. Net income rose 129.5 per cent year-on-year to PHP1.71bn. Belle’s board of directors approved a regular cash dividend of PHP0.06 per share, which will be payable on March 30.