Premium Leisure Corp., the listed gaming company of the SM Group, posted a net income attributable to parent of P1.32 billion in the first nine months of the year, up 112 percent from P624 million year-on-year.
PLC said in a disclosure to the stock exchange attributed the profit growth to the continued rise in its gaming share revenue from the overall improvement in the Philippine gaming market, especially the gaming operations of City of Dreams Manila.
The increase in equipment lease rentals resulting from the higher national lottery of the Philippine Charity Sweepstakes Office for the year also boosted the company’s profits during the period.
Nine month-revenues jumped 54 percent to P3.84 billion from P1.35 billion in the same period in 2016.
Gaming share revenue from City of Dreams Manila, an integrated resort and gaming facility within the government-sponsored Pagcor Entertainment City, amounted to P2.16 billion, up 95 percent on year.
PLC, through its unit Premium Leisure and Amusement Inc., is a co-licensee of City of Dreams Manila. The license entitles the company to a share in the gaming revenues.
Revenues from equipment lease rentals, commission and distribution income through its 50.1 percent owned subsidiary stood at P1.68 billion, up 21 percent from the same period last year, driven by higher Lotto and Keno sales as a result of higher jackpot prize games and the rollout of additional terminals.
PLC’s net income attributable to parent in the third quarter reached P427 million, up 57.5 percent from P271 million in the same quarter a year ago. Third quarter revenues rose 46 percent to P1.32 billion.
Share price of PLC on Wednesday gained 0.74 percent to P1.37 per share.