Bloomberry 2018 profit up 18.3% to P7.17B
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Tue, 05 Mar 2019 16:15:36 +0000
BLOOMBERRY Resorts Corp. recorded an 18.3-percent increase in its net income to P7.17 billion in 2018 from P6.06 billion in 2017.
In a disclosure on Tuesday, the listed resort and casino operator said it generated the amount despite unrealized foreign-exchange losses from its operations in South
Korea and higher interest expenses incurred from the full drawdown of its P73.5 billion syndicated loan in the first half of 2018.
Consolidated net revenues stood at P38.36 billion last year, a 21-percent increase from P33.09 billion in 2017, while consolidated net gaming revenues rose by 16.9 percent to P31.6 billion in from P27.04 billion.
Consolidated earnings before interest, tax, depreciation and amortization (ebitda) stood at P16.05 billion in 2018, a 7.72-percent jump from P14.9 billion.
In the fourth quarter alone, consolidated ebitda stood a P3.4 billion, a 62-percent surge from P2.1 billion.
Bloomberry Chairman and Chief Executive Officer Enrique Razon Jr. said he was pleased with his company’s performance.
“We look forward to 2019 and to sowing the seeds of our future growth, as we anticipate to break ground on our second integrated resort in Quezon City this year,” he added, referring to a new 1.5-hectare gaming complex that would rise within the Vertis North estate.
Bloomberry units Sureste Properties Inc. and Bloomberry Resorts and Hotels Inc. already raised P40 billion last month from the Philippine National Bank, BDO Unibank Inc., Metropolitan Bank and Trust Co., Union Bank of the Philippines, Bank of Commerce, China Banking Corp., and Robinsons Bank Corp. to finance the project.
Bloomberry shares added 26 centavos or 2.33 percent to close at P11.40 each on Tuesday.
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