PREMIUM LEISURE PROFIT SWELLS 94% TO P1.53-B

PREMIUM Leisure Corp. ( PLC), the

Net income in the first nine months grew to P1.53 billion from P787.1 million a year ago.

“This growth is due mostly to the continued rise in its gaming share revenue from the overall improvement in the Philippine gaming market, particularly the gaming operations of City of Dreams Manila, as well as the increase in equipment lease rentals resulting from the higher national lottery and Keno sales of the Philippine Charity Sweepstakes office for the year," it said in a filing to the Philippine Charity Sweep-Exchange on Monday.

Gaming share revenues reached P2.16 billion, or 95 percent higher compared to last year’s P1.1 billion.

Premium Leisure is a partner of Melco Resorts and Entertainment (Philippines) Corp., which entitles it to a share in the gaming revenues from City of Dreams.

Revenues totaled P3.84 billion, up 54 percent from the P2.49 billion recorded in the same period last year.

Revenue from equipment lease rentals, commission, and distribution income through its 50.1-percent subsidiary, Pacific Online Systems Corp. (LOTO), increased 21 percent to P1.68 billion from last year’s P1.39 billion.

The increase was driven by higher Lotto and Keno sales coming from higher jackpot prize games and the roll out of additional terminals, respectively, it said.

Correspondingly, costs and expenses increased by 45 percent, attributable to costs related to and in line with the higher revenues.

“As a measure of efficiency, costs and expenses are at 58 percent in terms of percentage to revenues in 2017, which is better than the 61 percent ratio obtained during the same period

as Sinophil Corp., PLC is a gaming-focused investment vehicle of the SM Group, which owns 100 percent of Premium Leisure and Amusement Inc. (PLAI) and a 50.1 percent interest in LOTO.