Premium Leisure Corp (PLC), a prominent subsidiary of Belle Corp in the Philippines real estate sector, has announced impressive financial results for the fiscal year ending on December 31, 2023. The company’s innovative strategies and adept navigation of the market landscape have propelled its net income to Php2.33 billion (US$41.6 million), marking an impressive 85% surge compared to the previous year.
Strategic Revenue Growth:
PLC’s consolidated revenues soared to Php2.94 billion (US$52.5 million), reflecting a substantial 41% increase from the previous fiscal year. A significant portion of these revenues, amounting to Php2.34 billion (US$41.8 million), was contributed by PLAI, a wholly-owned subsidiary of PLC. PLAI’s revenue surge of 50% can be attributed to its lucrative revenue share agreement with Melco Resorts & Entertainment (Philippines), the operator of City of Dreams Manila.
Subsidiary Performance:
Under the umbrella of PLC, PLAI has demonstrated exceptional performance, capitalizing on its revenue share agreement with Melco Resorts & Entertainment (Philippines). This collaboration has not only driven PLAI’s revenue growth but also significantly contributed to PLC’s overall profitability.
Another subsidiary of PLC, Pacific Online Systems Corp (POSC), witnessed a commendable 16% year-on-year increase in revenue, reaching Php601 million (US$10.7 million) in FY23. POSC’s provision of lottery terminals and software for the Philippine Charity Sweepstakes Office (PCSO) has been instrumental in driving this revenue growth.
Enhanced Operational Efficiency:
PLC’s operating EBITDA surged by an impressive 59% year-on-year to Php2.25 billion (US$40.2 million). This significant growth underscores PLC’s commitment to operational excellence and efficiency, further bolstering its financial performance.
Belle Corp’s Integral Role:
PLC operates as a subsidiary under the umbrella of Belle Corp, a key player in the Philippines’ real estate sector. Belle Corp’s ownership of the land hosting City of Dreams Manila adds another dimension to PLC’s revenue streams. Beyond PLC’s revenue share agreement, Belle Corp also earns substantial rental income from Melco Resorts and Entertainment (Philippines) Corporation for the utilization of this prime real estate.
Holistic Financial Performance:
Belle Corp’s total revenues for the fiscal year ending on December 31, 2023, amounted to Php5.60 billion (US$100.0 million). Notably, Php1.99 billion (US$35.5 million) of these revenues stemmed from Belle Corp’s lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corporation.
Premium Leisure Corp’s exceptional financial performance in FY23 underscores its adeptness in navigating the evolving market landscape and capitalizing on strategic partnerships. Through its subsidiaries, particularly PLAI and POSC, PLC has demonstrated robust revenue growth and operational efficiency, driving significant profitability. As an integral subsidiary of Belle Corp, PLC’s success contributes to the broader financial performance of its parent company, further solidifying Belle Corp’s position as a key player in the Philippines’ real estate and leisure sectors.