Premium Leisure Corp posts net income of US$6.6m for Q3

Net income for the first nine months of the year was PHP1.22bn.

10/27/22

For the three months ended September 30, Premium Leisure Corp’s net income grew 16.3 per cent when compared to the previous year.

The Philippines.- Premium Leisure Corp (PLC) has shared its financial results for the third quarter of the year, reporting an increase in net income from PHP329.3m to PHP382.9m (US$6.6m). That’s a rise of 16.3 per cent year-on-year.

For the first nine months of the year, net income after tax was PHP1.22bn. Aggregate income was just above PHP1.80bn, up 42.2 per cent year-on-year.

Premium Leisure Corp’s share of gaming business at City of Dreams Manila (CoD) accounted for 80.2 per cent of its reported income in the period, at nearly PHP1.45bn. PLC owns Premium Leisure and Amusement, Inc. (PLAI), a co-licensee of the venue.

In the first half of the year, the company reported a net profit of PHP836.9m (US$14.7m). The figure was up 47 per cent (PHO266.7m) from the net income of PHP570.2m reported in the first half of 2021. It attributed the upturn to the gradual improvement in casino operations after the easing of quarantine restrictions.

The Philippines lifted the majority of Covid-19 restrictions in March, which helped casino revenue. Authorities have recently decided to end the mandatory use of face masks in public spaces to move in line with Southeast Asian neighbours that have already lifted the measure.