Preferred shares issuance should raise LRWC debt
Credit to Author: EMETERIO SD. PEREZ| Date: Thu, 29 Aug 2019 16:16:57 +0000
Leisure & Resorts World Corp. (LRWC) reports in the first and second quarters consolidated but unaudited financial filing revenues of P5,257,182,020, up 6.831 percent from P4,921,025,995 in the same period in 2018. Of the six months’ revenues, electronic bingo turned in P2,573,830,216, or 48.958 percent of P5,257,182,020.
In a three-month period ended June 30, 2019, Leisure & Resorts World reported revenues of P2,651,096,500, or 8.672 percent up from revenues of P2,439,547,142 in the same period in 2018. The company’s six-month revenues from traditional bingo amounted to P1,131,803,625, which was equivalent to 21.529 percent.
Leisure & Resorts reported six-month operating income of P24,346,755, down 75.834 percent from P100,748,973 in the same period in 2018. It said it lost P82,865,940 in three months ended June 30, 2019 against operating income of P64,275,123 in three months ended June 30, 2018.
As a result, Leisure & Resorts said its net income suffered P2,626,788 loss in the first six months of 2019 against net income of P206,164,096 in the same period in 2018. In three months ended June 30, 2019, it incurred a net loss of P109,557,977 against consolidated net income of P108,246,148 in the same period in 2018.
A breakdown of the gross gaming revenues of Leisure & Resorts World in three months ended June 30, 2019 showed casino with P1,038,769,156, down P266,012,143, or 20.4 percent from P1.304,781,298 in the same period in 2018. When recomputed, the result showed the company’s loss at P20.387 percent.
Ownership profile. The public stockholders of Leisure & Resorts World were listed as holders of 1,004,635,241 LRWC common shares, or 41.56 percent of 2,417,500,000 outstanding common shares as of June 30, 2019, according to a public ownership report.
Leisure & Resorts World said it had as of the same date seven principal stockholders who held 1,253,566,144 LRWC common shares.
Fortunegate Holdings Philippines Inc., Globalist Technology Co. Ltd., Colonial Group Holdings Corp. and XII Capital Inc. directly owned 230 million LRWC common shares each, or 9.51 percent;; Euphonious Holdings Inc., 121 million LRWC common shares, or 5.01 percent; Leisure Advantage Inc., 77,724,895 LRWC common shares, or 3.22 percent.
Alfredo Abelardo B. Benitez directly held 134,841,249 LRWC common shares, or 5.58 percent, while AB Leisure Exponent directly owned 21.567 million LRWC common shares, or 0.97 percent, according to the POR.
Of 2.4175 million outstanding LRWC common shares, the company’s 11 directors owned 135,865,815 common shares, or 6.61 percent, of which they directly and indirectly held 14,143,893 and 121,721,922 LRWC common shares, respectively.
Of the 11 directors, Eusebio H. Tanco directly and indirectly owned 10,432,480 and 22,672,7229 LRWC common shares for a total of 33,105,209 common shares, or 1.37 percent; Renato G. Nunez, 98,922,595 LRWC common shares, or 4.09 percent, of which he indirectly owned 98,922,593 common shares.
Other owners. The other LRWC directors and their respective ownerships were as follows: Reynaldo P. Bantug, 120,002 LRWC common shares divided into directly owned two common shares, and indirectly owned 120,000 common shares; Willy N. Ocier, directly owned 3,707,200 LRWC common shares; Ignacio F. Yenko, directly owned 1,200 LRWC common shares.
Clarita T. Zarraga directly owned a nominal LRWC common share. Anthony L. Almeda, Edgardo S. Lopez, Eng Hun Chuah and Max Aaron Wong owned two LRWC common shares each.
One of LRWC’s three officers indirectly owned 38,800 LRWC common shares.
The list of LRWC’s holders of preferred shares showed only three corporate stockholders. PCD Nominee Corp. held for Filipinos as of June 30, 2019 1,597,138,000 preferred shares, or 96.80 percent of 1.65 billion preferred shares, and 2.862 million preferred shares, or 0.17 percent, for foreigners. GSIS Provident Fund held 50 million preferred shares, or 3.03 percent.
In a filing, Leisure & Resorts World said its 1.65 billion preferred shares earned 9.42 percent per annum.
Leisure & Resorts World said “the BOD approved the declaration of cash dividend for both January 2019 and July 2019 at the step-up rate from 8.5% to 9.42% per annum to all preferred stockholders. Record date is August 2, 2019 to be paid on August 15, 2019.” BOD stands for board of directors.
Will Leisure & Resorts World tell the public where it would use the proceeds from the sale or issuance of 1.65 billion preferred shares? Just asking.
Email:esdperez@gmail.com