Home Corporate Premium Leisure income falls 77% as pandemic hits gaming operations

Premium Leisure income falls 77% as pandemic hits gaming operations

PREMIUM Leisure Corp.’s (PLC) annual net attributable income declined by 77% to P517.57 million from P2.26 billion after gaming and lottery operations were hit by the coronavirus disease 2019 (COVID-19) restrictions.

“The effects of COVID-19 pandemic impacted gaming operations of City of Dreams Manila and the national lottery operations of PCSO (Philippine Charity Sweepstakes Office),” the company said in a regulatory filing on Monday.

PLC has a full stake in Premium Leisure and Amusement, Inc., a co-licensee of the CIty of Dreams Manila. The company also has 50.1% ownership in Pacific Online Systems Corp. shares, which has PCSO as its main customer.

The company recorded annual revenues of P963.66 million, 76% lower than the P3.97 billion generated in the previous fiscal year.

Gaming revenue share declined by 79% to P635.22 million from P2.98 billion, while equipment rental went down by 57% to P293.10 million from P681.48 million.

Meanwhile, commission and distribution income amounted to P35.33 million, falling by 89% from P308.38 million.

PLC said it would continue to maintain “prudent financial management” to sustain its financial position.

“The company is focused on streamlining operations to curtail costs and looking for ways to improve profitability and cost efficiency,” it said.

PLC will also look for other growth opportunities via profitable investments.

On Monday, shares of PLC at the stock exchange went up by 1.11% to close at P0.455 apiece from P0.450. — Keren Concepcion G. Valmonte