PLC profit rises 112%

The Belle group’s gaming investment arm Premium Leisure Corp. (PLC) saw a 112-percent year-on-year surge in nine-month net profit attributable to equity holders of parent firm amounting to P1.32 billion, driven mostly by its share of robust gaming revenues from City of Dreams Manila.

For the third quarter alone, PLC’s attributable net profit rose by 57.5 percent year-on-year to P427.81 million, underpinned by a 71.4-percent growth in gaming revenues to P695.35 million, based on the company’s regulatory filing.

Including profits attributable to non-controlling interest, PLC’s total net profit for the January to September period rose by 94 percent year-on-year to P1.53 billion.

“This growth is due mostly to the continued rise in its gaming share revenue from the overall improvement in the Philippine gaming market, particularly the gaming operations of City of Dreams Manila, as well as the increase in equipment lease rentals resulting from the higher national lottery and KENO sales of the Philippine Charity Sweepstakes Office (PCSO) for the year,” PLC said.

The nine-month performance jacked up PLC’s return on equity to 12.4 percent from only 5.8 percent in the same period last year.

PLC’s revenues summed up to P3.84 billion for the nine-month period, rising by 54 percent year-on-year.

Nine-month gaming share revenues stood at P2.16 billion, up by more than 95 percent versus the same period last year.

PLC has an operating agreement with Melco Resorts and Entertainment (Philippines) Corp., the local unit of Macau-based casino giant Melco, that entitles it to a 50-percent share of gaming revenues from City of Dreams. —DORIS DUMLAO-ABADILLA