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PLC improves nine months 2023 net income, revenues

PLC recognized consolidated revenues of Php2,300.1 million for the nine months ended September 30, 2023, increasing by Php495.3 million or 27% from the same period last year.

The improvement in PLC’s revenues is mainly brought about by better and more robust economic environment in 2023.

As of September 30, 2023, PLC’s subsidiary, Premium Leisure and Amusement, Inc. (PLAI), which earns gaming revenue share from the City of Dreams Manila (CODM), showed significant increase in revenue, which grew by Php351.0 million (24%) to Php1,797.7 million for the 2023 period from Php1,446.7 million for the 2022 period because of the improvement in the CODM mass and VIP segment casino operations, due to software upgrade and additional gaming machines in 2023. 

Cost and expenses increased from Php673.4 million as of September 30, 2022 to Php698.3 million as of September 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 Php290.0 million (263%) is mainly from realized gain on the redemption and sale of its financial asset coupled with increase in market interest rates which resulted to better returns on investments.

PLC recognized Php1,917.1 million net income for the nine months ended September 30, 2023 which is Php697.3 million (57%) higher than the net income of Php1,219.8 million that was recognized in 2022.

Operating EBITDA (proxy for cash flow) for the period is at Php1,783.8 million showing an improvement of Php441.0 million (33%) from the reported EBITDA of Php1,342.8 million as of September 30, 2022. 

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