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PLC recognizes Php298.4 million net income for Q1 2022

PLC recognized Php448.4 million consolidated revenues for the three months ended March 31, 2022, down by Php105.5 million or 19% from the same period last year.

The decrease in Premium Leisure Corp.’s revenues is mainly due to the continuing effects of the Covid-19 pandemic in the country. As of March 31, 2022, PLAI gaming share decreased by Php86.8 million (20%) to Php344.3 million from Php431.1 million because casino operations continued to face substantial limitations including restrictions in inbound international tourism. Pacific Online Systems Corporation’s (POSC) equipment lease revenue also posted a decrease of Php18.7 million (15%) from Php122.8 million in the first quarter of 2021 to Php104.1 million in the first quarter of 2022.

PLC recognized Php298.4 million net income for the three months ended March 31, 2022 which is Php5 million (2%) lower than the net income of Php303.5 million that was recognized in 2021.

Operating EBITDA (proxy for cash flow) for the period is at Php349.9 million, slightly lower by 5% than the EBITDA of Php367.9 million as of March 31, 2021.

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