Premium Leisure Corp posts net profit of US$14.7m for H1

Net profit was up 47 per cent on a year-on-year basis.

09/05/22

Premium Leisure Corp attributed the improvement in revenues to more robust economic activity in 2022 despite the continuing effects of the Covid-19 pandemic.

The Philippines.- Premium Leisure Corp (PLC) has shared its financial results for the first half of the year, reporting 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.

The company reported consolidated revenues of PHP1,189.4m for the six months ended June 30, 2022, up by PHP178.5m or 18 per cent from the same period last year.

PLC owns Premium Leisure and Amusement, Inc. (PLAI), a co-licensee in City of Dreams Manila. PLAI gaming share increased by PHP165.0m to PHP970.6m from PHP805.5m due to the gradual improvement in casino operations and the easing of quarantine restrictions.

In June 2014, PLC acquired a 50.1 per cent stake in Pacific Online Systems Corporation (POSC) from Belle Corporation. This unit is engaged in the development, design, and management of lottery software and terminals for its principal client, the state-run Philippine Charity Sweepstakes Office (PCSO).

In the first half of the year, POSC revenue was up 17 per cent year-on-year to PHP218.9m due to the higher Lotto sales during the period. POSC operating expenses decreased 22 per cent from PHP190m in the first half of 2021 to PHP147.2m in the first half of 2022 due to cost efficiency measures.

Operating EBITDA for the period was at PHP946.8m higher by 35 per cent than the EBITDA of PHP701.8m as of June 30, 2021.