PREMIUM Leisure Corp. (PLC) reported its attributable net income increased by 12% in the first quarter, as higher interest income and dividends offset a drop in revenues.
In a regulatory filing, PLC said its net income attributable to parent stood at P474.42 million for the three months ending March, 12% up from P424.96 million during the same period last year.
The company’s first quarter revenues slipped 3% to P1.22 billion, as gaming revenue share from City of Dreams Manila dropped 8% to P664.33 million.
PLC owns 100% of Premium Leisure and Amusement, Inc., which is the co-licensee of City of Dreams Manila. Located in Entertainment City, the integrated resort and casino complex began operations in 2014.
PLC reported its equipment lease rentals fell 5% to P439.85 million during the first quarter, but commission and distribution income surged 53% to P119.9 million.
The company also has a 50.7% controlling stake in Pacific Online Systems Corp. (LOTO), which leases online betting equipment to the Philippine Charity Sweepstakes Office for operations in Visayas and Mindanao.
Expenses increased by only 1% to P718.66 million during the first quarter. This comes amid a 12% drop in service and consultancy fees to P95.64 million, and 45% decline in online lottery expenses to P50.24 million.
“The lower expenses in line with the lower revenues were offset by the higher expenses due to the consolidation of nine companies under Lucky Circle Corp. (LCC) effective July 2017, resulting in a minimal 1% increase in costs and expenses,” PLC said.
Shares in PLC added 1 centavo to close at P1.01 apiece on Tuesday.
