Lockdowns hurt Bloomberry as net loss hits P780.8M
Integrated gaming-resort operator Bloomberry Resorts Corp. remained in the red in the first quarter as the pandemic raged but cash flow significantly improved before the reimposition of stricter lockdown protocols in Metro Manila and nearby provinces.
Bloomberry incurred a net loss of P780.8 million in the first three months, a reversal of the P1.4-billion net profit in the same quarter last year. On a sequential basis, however, its net loss narrowed by 68 percent from the P2.5-billion net loss in the fourth quarter of 2020.
Consolidated cash flow as measured by earnings before interest, taxes, depreciation and amortization (Ebitda) also significantly improved to P1.4 billion in the first quarter compared to only P129.3 million in the fourth quarter of 2020. Compared to the same period last year, however, cash flow declined by 59 percent year-on-year.
“Our performance highlights our management team’s commitment to return to profitability as well as the dedication of our team members to creating unparalleled entertainment experiences for our returning guests,” Bloomberry chair Enrique Razon Jr. said in a disclosure to the Philippine Stock Exchange on Monday.
“Unfortunately, Solaire’s momentum, which was fueled by improving domestic patron confidence, has been cut short as it is faced with another closure for the duration of the [modified enhanced community quarantine]. As expected, the road to recovery is not easy,” he added.
Solaire recorded 88 days of limited operations in the first quarter and was closed on March 29, as the government reverted Metro Manila and nearby provinces to enhanced community quarantine (ECQ), the strictest form of quarantine. Modified ECQ followed on April 12. Solaire and the Jeju Sun property in South Korea remain closed.
Total gross gaming revenues at flagship gaming resort Solaire along Manila Bay was P6.9 billion, down by 44 percent year-on-year but up by 29 percent from the previous quarter as domestic patron confidence improved prior to the return to ECQ at end-March.
Consolidated net revenue for the first quarter stood at P5.5 billion, 41-percent lower year-on-year.