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Friday, March 29, 2024

LRWC posted loss of P130.4m in Q2

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Leisure & Resorts World Corp. said it posted a net loss of P130.4 million in the second quarter of the year, a reversal from a profit of P99.6 million year-on-year, on higher operating expenses and a significant decline in casino revenues.

LRWC said in a disclosure to the stock exchange second-quarter consolidated gross revenues climbed nine percent to P2.65 billion from P2.43 billion in 2018.

Revenues from casino operations declined 20.4 percent in the second quarter to P1.03 billion from P1.3 billion a year ago as income from junket operations plunged by 37 percent to P581 million.

Sales from bingo operations, meanwhile, rose 10 percent to P2.56 billion from P2.3 billion in 2018.

Total operating expenses, however, jumped 24.2 percent as interest expense soared 467 percent due to higher rates on existing loans as well as availment of additional loans in the first quarter of the year.

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The weak second-quarter performance resulted in a first-half net loss of P45.2 million, also a  turnaround from an income of P182 million on year.

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