Premium Leisure 3Q net income up amid CoD Manila lift

Oct 27, 2022 Newsdesk Latest News, Philippines, Top of the deck  

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Premium Leisure Corp’s net income after tax for the three months to September 30 was up 16.3 percent year-on-year, at PHP382.9 million (US$6.6 million), from PHP329.3 million in the prior-year quarter, it said in a Thursday filing to the Philippine Stock Exchange.

The result took the group’s net income after tax for the first nine months this year to just under PHP1.22 billion.

In the nine months to September 30, Premium Leisure reported aggregate income of just above PHP1.80 billion, up 42.2 percent from a year earlier. Its share of gaming business at City of Dreams Manila (CoD) accounted for 80.2 percent of its reported income in the period, at nearly PHP1.45 billion.

Premium Leisure is an investor in City of Dreams Manila (pictured), a casino resort run by a unit of Melco Resorts and Entertainment Ltd, which is located in the Philippine capital.

Premium Leisure said in its filing, that “gradual improvement in the City of Dreams Manila casino operations and the easing of quarantine restrictions” in that market, had contributed to the income upturn.

The firm is linked Belle Corp, also a Philippine Stock Exchange-listed company. The parent company also on Thursday reported revenue of PHP4.27 billion for the first nine months of 2022, up 86.6 percent from the prior-year period. Its net income for the period was nearly PHP1.64 billion, compared to PHP482.0 million a year earlier.

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