PLC recognized consolidated revenues of Php1,583.0 million for the six months ended June 30, 2023, increasing by Php393.5 million or 33% from the same period last year.
The improvement in PLC’s revenues is mainly brought about by better and more robust economic activities in 2023 as Covid-19 situation in the country became more and more manageable.
As of June 30, 2023, PLC’s subsidiary, PremiumLeisure and Amusement, Inc. (PLAI), which earns gaming revenue share from the City of Dreams Manila (CODM), showed significant increase in revenue, which grew by Php269.0 million (28%) to Php1,239.5 million for the 2023 period from Php970.6 million for the 2022 period because of the improvement in the CODM mass and VIP segment casino operations, due in part by the easing of Covid-19 quarantine and capacity restrictions.
Cost and expenses increased from Php391.3 million as of June 30, 2022 to Php424.5 million as of June 30, 2023 mainly due to the higher variable costs that move in line with the improved operational results for the period.
Other income pertains to interest income earned from investment and money market placements. The increase of Php76.1 million (140%) is due to the increasing market interest rates and better returns on investments.
PLC recognized Php1,245.1 million net income for the six months ended June 30, 2023 which is Php408.2 million (49%) higher than the net income of Php836.9 million that was recognized in 2022.
Operating EBITDA (proxy for cash flow) for the period is at Php1,280.4 million showing an improvement of Php333.6 million (35%) from the reported EBITDA of Php946.8 million as of June 30, 2022.