Premium Leisure profits jump 73%

Gaming firm Premium Leisure Corporation (PLC) reported a 73 percent surge in total comprehensive income to P1.46 billion in the first nine months of 2022 from the P846.3 million earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its total comprehensive income includes unrealized gains arising from changes in market value of its financial assets.

PLC recognized comprehensive income amounting to P243.4 million for the first nine months of 2022 as a result of the improvement in the share prices of its financial asset investments and an adjustment arising from the sale of securities from a loss of P53.24 million in the same period of 2021.

Excluding this, PLC recognized a P1.22 billion net income for the first nine months of the year, up 36 percent from the P899.6 million in the same period of 2021.

Consolidated revenues rose 42 percent to P1.8 billion for the nine months ended September 30, 2022, from P1.27 billion in the same period last year mainly brought about by better and more robust economic activities in 2022 despite the continuing effects of the Covid-19 pandemic in the country.

PLC’s subsidiary PremiumLeisure and Amusement, Inc. (PLAI), which earns gaming revenue share from the City of Dreams Manila (CODM), showed a 50 percent improvement in revenue to P1.45 billion for the 2022 period from P967.2 million for the 2021 period.

This was because of the gradual improvement in the CODM casino operations and the easing of quarantine restrictions.

Pacific Online Systems Corporation (Pacific Online), a 50.1 percent owned subsidiary that leases betting equipment for Lotto and KENO games to the Philippine Charity Sweepstakes Office (PCSO), also posted better lease revenues.

Lease revenues grew 18 percent to P358.1 million as of September 2022 from P302.3 million as of September 2021.

Despite the termination of KENO operations effective April 1, 2022, revenues continued to improve because of the higher Lotto sales during the period driven by the more open economy and the higher jackpot prizes.

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The article was originally published in Manila Bulletin and written by James A. Loyola.