Leisure and resort quarterly profit more than tripled
Philippines-based Leisure and Resorts World Corporation said consolidated net income rose 320% year-over-year to 2.016 million PHP ($4.6 million) in the second quarter of 2014. The company attributed the growth to "significant increases" in its subsidiary's net income.
Total sales in the three months to June 30 rose to 1.6 billion PHP from 1.3 billion PHP a year ago, the company said in a regulatory filing on Friday.
The company is an investor in City of Dreams Manila under construction in Manila through its subsidiary AB Leisure Global Inc. It also operates a professional bingo game and is involved in licensing interactive games.
AB Leisure, a subsidiary that operates bingo games in the Philippines, posted revenue of 41 million PHP in the second quarter of 2014, up 56.8% year-on-year. AB Leisure and its subsidiaries grossed 1.1 billion PHP in the period.
Leisure and Resorts World is also the parent of First Kagayan Leisure and Resorts Corporation, an exclusive master licensee of the Kagayan Economic Zone Authority, an online gaming jurisdiction in the Philippines operating in the Kagayan special economic zone.
First Kagayan generated 323.7 million PHP in total revenue in the three months to June 30, up 62.1% from the second quarter of last year. "The improvement in revenue is primarily due to the increase in operating locators - 76 this year compared to 68 last year," the company said. The subsidiary's net profit rose 77.5% year-over-year to 137 million PHP.
"The companies continue to focus on the continued rollout of electronic variants of bingo games that have contributed to the expansion of our bingo site and the increased net profit of our AB Leisure subsidiary," Reynaldo P. Bantug, the company's chief executive, said in a statement.
"Our First Kagayan subsidiary has performed better than expected as management focuses on attracting more locators and meeting the needs of current licensees," he added.
BY: 바카라사이트 추천
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