Leisure Resorts doubles 2014 net income

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Leisure Resorts and World Corp (LRWC) more than doubled its consolidated net income last year to P750 million as a result of improved sales from its business segments.

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It said in disclosures to the Philippine Stock Exchange its consolidated net income grew 132 percent to P750 million from P324 million a year ago and earnings per share (EPS) improved to P0.483 last year compared with P0.206 EPS a year ago.

LRWC said the bulk of profit contributions came from its online gaming business in the Cagayan Special Economic Zone (CEZA). Its other business segments include a casino, retail and property and investments.

Net income of its online gaming business increased by 65 percent to P437 million, retail profits surged 93 percent to P198 million, and casino and property net incomes reached P108 million and P94 million, respectively.

The income contribution across the board totaled P934 million. Net income attributable to equity holders amounted to P750 million.

“Given the opportunities in the tourism and gaming sector, the company is confident of its expansion plans and projects for 2015,” LRWC said.

LRWC operates bingo and eCasino (AB Leisure Exponent and Total game Zone Extreme), online gaming in Cagayan (First Cagayan Leisure and Resorts Corp., First Cagayan Converge Data Center Inc. and LR Land Developers Inc.), casino operations in Midas Hotel (Prime Investment Korean Inc. and Hotel Enterprises Philippines Inc.) and property and investments via 30 percent share in City of Dreams via leasing payments from Belle Corp. (AB Leisure Global Inc.).

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