Gaming firm posts 37% rise in net profit
April 20, 2016
By Miguel R. Camus @inquirerdotnet
Philippine Daily Inquirer
20 April 2016, 12:29 AM
Listed Leisure and Resorts World Corp. saw its profit jump last year as its major gaming divisions posted better results.
In a stock exchange filing Tuesday, the company said its 2015 net income rose 37 percent to P1.03 billion from the level in the same period in 2014. For the fourth quarter alone, profit was up 3 percent to P220 million.
The company said its core business saw improved earnings. Its retail division—including bingo halls and eCasino outlets—saw net income last year go up by 30 percent to P256 million. Its casino division includes a stake in Midas Hotel and Casino in Metro Manila. This segment posted P85 million in net income contribution.
Its online business includes First Cagayan Leisure and Resorts Corp. and First Cagayan Converage Data Center Inc. This division’s net income expanded by 19 percent to P516 million.
Leisure and Resorts World also reported a P353-million net income contribution from property and investments. Its principal asset is AB Leisure Global Inc., which has a 30- percent economic benefit in the City of Dreams Manila.
Leisure and Resorts World said total revenue last year hit P9.5 billion, up 40 percent over the same period in 2014.
“Given this performance, the company is confident it would achieve similar growth rates in 2016,” it said.
Leisure and Resorts World added that its projects would “continue to bear positive results” through next year.
“In spite of the slowdown in the gaming sector, LRWC’s core businesses continue to show very robust growth and management believes in being able to continue this in the future,” it added.
Category: In The News