Sizeable growth in topline helped trigger upward momentum in the net profit of Philippines-headquartered integrated resort, casino, and lottery major Premium Leisure Corp (PLC).
The company reported net profit of PHP836.9 million ($14.7 million) up 47% on a year-on-year basis, as compared to PHP570.2 million ($10 million).
The upward momentum in the net profit of the company on a year-on-year basis was chiefly due to improved top-line, the net revenue for the company for same period.
PLC recognized PHP1,189.4 million ($21 million) towards consolidated revenues for the six months ended June 30, 2022, up 18 percent from the same period last year, the company press release read.
“The improvement in Premium Leisure Corp.’s revenues is mainly brought about by more robust economic activities in 2022 despite the continuing effects of the Covid-19 pandemic in the country,” the company press release read.
As of June 30, 2022, PLAI gaming share increased by PHP165.0 million ($3 million) up 20 percent on a year-on-year basis to PHP970.6 million ($17 million) from PHP805.5 million ($14.15 million) due to the gradual improvement in the casino operations and easing of quarantine restrictions.
Pacific Online Systems Corporation’s (POSC) equipment lease revenue also posted an increase of PHP13.5 million ($0.23 million) up 7 percent from PHP205.4 million ($3.6 million) in the first half of 2021 to PHP218.9 million ($3.84 million) in the first half of 2022 despite the termination of KENO operations effective April 1, 2022 because of the higher Lotto sales during the period, the company press release read.
Whereas the POSC operating expenses also decrease by PHP42.7 million down 22 percent from PHP 190.0 million ($3.33 million) in the first half of 2021 to PHP147.2 million ($2.6 million) in the first half of 2022 due to cost efficiency measure put in place.
Operating EBITDA (proxy for cash flow) for the period is at PHP 946.8 million ($16.64 million) higher by 35 percent than the EBITDA of PHP 701.8 million ($12.33 million) as of June 30, 2021.
