PLC recognized Php893.9 million consolidated revenues for the three months ended March 31, 2023, up by Php445.5 million or 99% 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 despite the continuing effects of the Covid-19 pandemic in the country.
As of March 31, 2023, PLC’s subsidiary, PremiumLeisure and Amusement, Inc. (PLAI), which earns gaming revenue share from the City of Dreams Manila (CODM), showed significant improvement in revenue, which increased by Php370.4 million (108%) to Php714.7 million for the 2023 period from Php344.3 million for the 2022 period, because of the improvement in the CODM casino operations and the easing of Covid-19 quarantine restrictions.
Cost and expenses increased from Php185 million as of March 31, 2022 to Php310.1 million as of March 31, 2023 mainly due to the higher variable costs that move in line with the improved operational results for the period.
PLC recognized Php625.4 million net income for the three months ended March 31, 2023 which is Php327.0 million (110%) higher than the net income of Php298.3 million that was recognized in 2022.
Operating EBITDA (proxy for cash flow) for the period is at Php644.9 million showing an improvement of Php295.0 million (84%) from the reported EBITDA of Php349.9 million as of March 31, 2022.