MANILA Jockey Club, Inc. registered an attributable net income of P1.34 billion in the second quarter, reversing last year’s net loss of P27.88 million, driven by revenues from club races and gains from property sales.

Its topline rose to P123.05 million during the quarter, a 13.8% increase from P108.17 million in the same period last year.

Manila Jockey Club’s other income from property sales surged to P1.47 billion, P1.46 billion higher than last year’s P5.31 million.

Meanwhile, the company disclosed that its board of directors approved the decision not to pursue an application to extend or renew its legislative franchise that will expire on Oct. 23 and to cease its horseracing operations.

“Subject to market conditions, the company intends to file an application for a new horseracing franchise either under its own name or through a new wholly owned subsidiary to be formed specifically to engage in the horseracing business,” the company said in a disclosure on Wednesday.

Manila Jockey Club will instead pivot to “more stable revenue streams” such as rental income, interest income, investment income, and sale or lease of existing horseracing facilities and equipment.

“The company estimates a substantial reduction in operating expenses that will more than offset the loss in horseracing revenues,” it said.

In the second quarter, the company’s cost of sales and services totaled P98.93 million, a 2.6% increase from a year ago’s P96.42 million.

Manila Jockey Club operates a racetrack located in Cavite and engages in holding horse races there with bettings both directly or indirectly by means of mechanical, electric, and computerized totalizator.

On the stock exchange on Wednesday, Manila Jockey Club shares climbed by 16.28% or 21 centavos to P1.50 apiece. — Justine Irish D. Tabile