Premium Leisure 1Q net income more than doubles y-o-y

Apr 24, 2023 Newsdesk Latest News, Philippines, Top of the deck  

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Premium Leisure Corp’s net income for the first three months of 2023 rose by 109.6 percent year-on-year, to nearly PHP625.4 million (US$11.2 million). That is according to a filing to the Philippine Stock Exchange on Monday.

Premium Leisure is an investor in City of Dreams Manila (pictured), a casino resort in the Philippine capital that is run by a unit of Melco Resorts and Entertainment Ltd. Premium Leisure earns a share – via one of its units – of the gaming revenue generated at City of Dreams Manila.

In the three months to March 31, Premium Leisure reported aggregate income of PHP893.9 million, up 99.4 percent from a year earlier. Its share of gaming business at City of Dreams Manila accounted for 80.0 percent of its reported income in the period, at nearly PHP714.7 million.

The improvement in revenues was “mainly brought about by better and more robust economic activities in 2023, despite the continuing effects of the Covid-19 pandemic in the country,” stated the firm.

In a March announcement, Premium Leisure reported consolidated revenues of PHP2.08 billion for full-year 2022, up 20.4 percent from the prior year. The firm posted consolidated net income of nearly PHP1.26 billion, 11.8-percent higher than in 2021.

Premium Leisure – a firm linked to Belle Corp, also a Philippine Stock Exchange-listed company– said the “solid results” for 2022 were amid “further reopening and revitalised economic activities” in the Philippines during the year.

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