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Leisure & Resorts World Q1 profit climbs 28.1% YOY

Leisure & Resorts World Corp. said its first-quarter normalized net income came to 14 Philippine centavos per share, a gain of 28.1% from 11 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 183.6 million pesos, an increase of 28.1% from 143.3 million pesos in the prior-year period.

The normalized profit margin climbed to 7.0% from 6.9% in the year-earlier period.

Total revenue grew 26.2% year over year to 2.62 billion pesos from 2.07 billion pesos, and total operating expenses rose 22.2% from the prior-year period to 2.28 billion pesos from 1.87 billion pesos.

Reported net income rose 26.3% year over year to 291.8 million pesos, or 23 centavos per share, from 231.0 million pesos, or 18 centavos per share.

As of May 13, US$1 was equivalent to 46.65 Philippine pesos.