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Leisure & Resorts World Q2 profit climbs 10.3% YOY

Leisure & Resorts World Corp. said its second-quarter normalized net income was 11 Philippine centavos per share, a gain of 6.0% from 10 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 141.5 million pesos, an increase of 10.3% from 128.3 million pesos in the prior-year period.

The normalized profit margin dropped to 6.2% from 15.4% in the year-earlier period.

Total revenue climbed 55.9% year over year to 1.30 billion pesos from 832.9 million pesos, and total operating expenses grew 59.6% on an annual basis to 1.03 billion pesos from 645.6 million pesos.

Reported net income grew 10.5% on an annual basis to 222.8 million pesos, or 17 centavos per share, from 201.6 million pesos, or 16 centavos per share.

As of Aug. 14, US$1 was equivalent to 46.16 Philippine pesos.