May 21, 2014

LR acquires of Digiwave Solutions, posts net income of P100m in 1Q14

In a disclosure to the Exchange, LR announced its acquisition of 100% Digiwave Solutions Inc. (DSI) for P620m.

DSI is 85% owned by PHA and 15% owned by private shareholders. It currently operates 45 Pagcor E-games station in Metro Manila and nearby provinces. LR also earlier announced net income of P100m +84% YoY mainly due to its share of the lease income from MCP and a surge in net income of its subsidiary First Cagayan (FCLRC).

LR’s participation share in the MCP casino amounted to P83.7m in 1Q14 while interest expenses incurred to finance its participation share amounted to P43.6m resulting in a net addition of about P40m to pretax income. FCLRC likewise registered a 66.5% increase in net income as revenues grew by 75%. - WealthSec