Philippines-based Leisure and Resorts World Corp said its consolidated net income hit 100.6 million pesos (US$2.3 million) in the first quarter of 2014. That’s up 84.8 percent from 54.5 million pesos in the first quarter of 2013, the company said in a regulatory filing this week.
The company is an investor in Manila’s under-construction City of Dreams Manila via its unit AB Leisure Global Inc.
It said its total operating expenses amounted to 28.4 million pesos during the first quarter of 2014, up 121.9 percent from a year earlier. It added that the increase in expenses was mainly attributable to the rapid expansion of the group’s operations
Subsidiary AB Leisure, an operator of bingo gaming in the Philippines, posted profits of 32.2 million pesos in the first quarter of 2014, an increase of 13.6 percent year-on-year. AB Leisure and its subsidiaries generated total revenues of 1.04 billion pesos in the three months to March 31.
Leisure and Resorts World is also the parent of First Cagayan Leisure & Resort Corp, the exclusive master licensor and regulator for the Cagayan Economic Zone Authority, the online gaming jurisdiction operating in the Cagayan Special Economic Zone.
First Cagayan reported net income of 118.7 million pesos in the first three months of 2014, up 66.5 percent from a year earlier. Total cost and operating expenses increase 49.4 percent year-on-year to 65.5 million pesos, the parent company said.
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