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PLC revenues, net income rise in first half of 2022

LC recognized Php1,189.4 million consolidated revenues for the six months ended June 30, 2022, up by Php178.5 million or 18% from the same period last year

The improvement in Premium Leisure Corp.’s revenues is mainly brought about by more robust economic activities in 2022 despite the continuing effects of the Covid-19 pandemic in the country. Because of this, as of June 30, 2022, PLAI gaming share increased by Php165.0 million (20%) to Php970.6 million from Php805.5 million due to the gradual improvement in the casino operations and easing of quarantine restrictions. Pacific Online Systems Corporation’s (POSC) equipment lease revenue also posted an increase of Php13.5 million (7%) from Php205.4 million in the first half of 2021 to Php218.9 million in the first half of 2022 despite the termination of KENO operations effective April 1, 2022 because of the higher Lotto sales during the period. POSC operating expenses also decrease by Php42.7 million (22%) from Php190.0 million in the first half of 2021 to Php147.2 million in the first half of 2022 due to cost efficiency measure put in place.

PLC recognized Php836.9 million net income for the six months ended June 30, 2022 which is Php266.7 million (47%) higher than the net income of Php570.2 million that was recognized in 2021.

Operating EBITDA (proxy for cash flow) for the period is at Php946.8 million higher by 35% than the EBITDA of Php701.8 million as of June 30, 2021.

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