Leisure & Resorts World Corp. (LRWC) grew its first-semester profit by 50 percent to P454 million on the back mainly of robust growths of online and retail businesses despite the downtrend in the gaming sector.
In a statement, LRWC said the net income of online division rose by 43 percent to P254 million in January to June, with First Cagayan Leisure and Resorts Corp. contributing the bulk of the earnings.
First-half net income of the retail division surged by 85 percent to P123 million from P67 million last year. Subsidiary AB Leisure Exponent (ABLE) shared P100 million.
“Total Game Zone Xtreme’s [TGXI] eCasino outlets, still in the expansion and build-out stage, contributed P3 million to the consolidated net income. ABLE’s electronic bingo games [EBG] machines continued to drive the growth in its earnings,” it said.
The company said earnings of the casino division reached P74 million, up by whopping 292 percent from last year’s P19 million.
Hotel Enterprises Philippines Inc. owns the property and hotel that runs the Midas Hotel and Casino.
LRWC said the property and investments business shared P81 million to overall profit in the first semester, an increase of 26 percent from P64 million.
The company remains confident that its plans and projects for the rest of 2015 will continue to bear positive results on its earnings.
“In spite of the slowdown in the gaming sector, LRWC’s core businesses have shown robust growth and management believes in being able to continue this into 2016,” it said.