Premium Leisure profit up 73% to P2B

LISTED Premium Leisure Corp.’s net income last year increased by 73 percent to P2 billion from P1.16 billion in 2016 on the back of its core businesses’ strong growth.

In a disclosure on Thursday, the Sy-led company reported that its revenues grew 40 percent to P4.9 billion in 2017 from P3.5 billion two years ago.

It atributed the increase to growth in the gaming segments of City of jumped 59 percent to P2.6 billion from P1.6 billion in 2016.

Commission and distribution income soared 55 percent to P171 million, and revenues from lotto and keno tickets and equipment rentals rose 17 percent to P1.84 billion in 2017 from P1.58 billion the year prior.

Operating earnings before interest, tax, depreciation, and amortization grew 37 percent to P2.6 billion last year from P1.9 billion in 2016.

Costs and expenses grew to P671 million last year after service costs were increased.

Premium Leisure’s comprehensive income rose by 83 percent to P2.2 billion in 2017 from 2016’s P1.2 billion.

“This is mainly due to a significantly higher net income realized for 2017, as well as the recovery of the share prices of its available-for-sale investments,” the company said.

“There were no significant elements that arose from continuing operations, nor were there any seasonal events that had a material effect on the results…” it added.

Earlier this month, Premium Leisure unveiled a share buyback program worth P500 million.

Companies repurchased their shares from the stock market after deeming them undervalued.

Formerly mining firm Sinophil Corp., Premium Leisure is the gamingfocused investment vehicle of the SM Group, which owns 100 percent of Premium Leisure and Amusement Inc. and a 50.1-percent interest in