LRWC Q2 Results: Earnings realize complete flip, achieving positive EBITDA for 2Q 2022 since COVID-19
August 15, 2022
While many of the companies are still coping up with the effects of COVID19, Leisure & Resorts World Corporation (LRWC), reported its positive EBITDA for 2Q 2022, which was a total flip from the same period last year.
Due to the resumption of majority of its site operations and the launching of its own technology platform, the Company was able to achieve Php105 million in EBITDA for the 2nd Quarter of 2022, a 216% growth from last year’s EBITDA loss of Php90 million.
Meanwhile, LRWC’s consolidated revenue rose up to a 250% on a year-on-year basis to Php1.7 billion and resulted in Php349 million in gross profit. Although it still posted a net loss of Php33 million for the quarter, the figure had already gained a substantial improvement of 85.51% from the previous year’s 2Q loss of Php230million despite its operating expenses doubling up to Php244 million compared to last year’s Php106 million.
With the lifting of quarantine measures and majority of the population out on the new normal, LRWC expects a continuous growth of revenue especially from its retail segment.
“The second quarter’s positive EBITDA is a clear signal that the Company is on its track in realizing net profitability for 2022 assuming there are no further operational restrictions for the rest of the year,” said LRWC President & CEO, Andy Tsui.
Overall, the performance is in line with the Company’s expectation that its financial position together with the subsidiaries continue to be on solid ground.
LRWC is one of the leaders in the gaming industry with over 20-years of expertise that has led to its dominance in the retail gaming market. LRWC Group operates world-class multi-gaming platforms with a strong distribution network of entertainment sites in key locations in the Philippines.
Caution regarding forward-looking statements
The forward-looking statements in this press release are based on the beliefs of the management as well as assumptions made by and information currently available to the management. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, the rate and pace of economic recovery following economic downturns, levels of spending in business and leisure segments as well as consumer confidence. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements