LRWC profits jump 50% in H1

MANILA, Philippines - Leisure & Resorts World Corp. reported a net income of P454 million in the first half, 50 percent higher than year ago figure of P302 million.

In the second quarter alone, net profit rose 10.3 percent to P223 million.

The listed leisure and bingo gaming company attributed the higher profit to growth across all four business segments namely retail, online, casino and property and investments.

The retail division posted net earnings of P123 million, up 85 percent from P67 million a year ago. This includes income from AB Leisure Exponents, a 100 percent subsidiary that manages bingo halls and outlets and from Total Game Zone Xtreme, another 100 percent subsidiary that manages eCasino outlets.

Income from AB Leisure’s bingo operations surged 64 percent to P120 million while the online division reported a 43 percent growth  to P254 million with subsidiary First Cagayan Leisure and Resorts Corp. as the biggest contributor to revenues.

First Cagayan, the master licensor for online gaming in the Cagayan Freeport and Special Economic Zone, saw  a 49 percent jump in income to P228 million.

Another subsidiary, the First Cagayan Converge Data Center, Inc. (FCCDCI), contributed P27 million to the group’s total net income.

The casino division, meanwhile, contributed P74 million, mainly coming  from its three subsidiaries – Prime Investment Korean Inc., Blue Chip Gaming and Leisure Corp. and Hotel Enterprises Philippines Inc.

Prime Investments Korean’s first half income contribution amounted to P27 million, significantly higher than the P1 million recorded a year ago.