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Premium Leisure swings to profit in Q3

Premium Leisure Corp. said its third-quarter normalized net income amounted to 77.7 million pesos, compared with a loss of 14.1 million pesos in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 13.1% from negative 33.0% in the year-earlier period.

Total revenue rose on an annual basis to 518.5 million pesos from 42.6 million pesos, and total operating expenses increased year over year to 371.3 million pesos from 66.2 million pesos.

Reported net income fell 73.4% from the prior-year period to 55.9 million pesos, or 0 centavos per share, from 210.2 million pesos, or 1 centavos per share.

As of Nov. 16, US$1 was equivalent to 47.20 Philippine pesos.