BLOOMBERRY Resorts Corp. said Thursday its net income for the first half of the year amounted to P4.1 billion, 24 times bigger than the P174 million recorded in the same period last year, on the back of improved profitability of its Solaire casino and lower losses from its Korea operations.
Bloomberry owns and operates, through its subsidiaries, Solaire Resort and Casino in Manila and Jeju Sun Hotel & Casino in Korea.
It said revenues for the six months grew 31 percent year-on-year to P18.46 billion, with Solaire and Jeju Sun reporting revenue growth of 30 percent and 81 percent, respectively.
“The strong year-on-year growth in Solaire’s VIP volume, mass table drop and EGM [electronic gaming machine]coin-in as well as a 21 percent year-on-year increase in Jeju Sun’s GGR [gross gaming revenues]to P114 million, grew the company’s consolidated GGR by 16 percent year-on- year to P12.216 billion—a new quarterly record,” the company said in a disclosure to the stock exchange.
Earnings before interest, tax, depreciation, and amortization (Ebitda) grew 28 percent to P6.8 billion from the P5.32 billion reported in the first six months of 2016.
Promotional allowances and contra accounts as a percentage of GGR fell to 26.4 percent from 28.4 percent in the same period last year.
For the second quarter alone, Bloomberry posted a 47 percent increase in net income to P1.96 billion against last year’s P1.33 billion, resulting in earnings per share of P0.179.