Manila-listed Berjaya Philippines Inc reported a decline in net profit for the financial quarter ended July 31. Berjaya is a conglomerate that is 100 percent equity owner of Philippine Gaming Management Corp, a firm that leases out and provides software support for online lottery equipment.
The parent had a consolidated net profit from all operations of approximately PHP222.81 million (US$5.03 million) during the period. Judged quarter-on-quarter, the result was a fivefold decline on the PHP1.13 billion consolidated net profit reported by the group in the financial quarter ending April 30. But net income for the quarter was still up 2.6 percent year-on-year.
Consolidated total revenues fell twofold quarter-on-quarter, to approximately PHP6.50 billion from nearly PHP13.10 billion in the quarter ending April 30, said Berjaya in a filing to the Philippine Stock Exchange. Factors in the revenue decline included a more than fourfold quarter-on-quarter decline in income from the group’s leasing activities.
The group said in its filing that the Philippine Gaming Management unit has an arms length relationship with a related company called International Lottery and Totalizator System Inc, a U.S. corporation.
Nov 24, 2020Morgan Stanley banking group says it remains “medium-term bullish” on the Macau casino sector, due to factors including pent-up demand within China for a variety of leisure services and spending,...
Nov 24, 2020
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"Unfortunately, I cannot come to Macau nor can any of my team. The global pandemic has created a situation that is very difficult for all of us … I am very hopeful that we can come to Macau to bring back a reimagined House of Dancing Water"
Creative director of the House of Dancing Water show