Bloomberry says it’s back to profitability in 2016

March 24, 2017

Bloomberry Resorts Corp., owner and operator (through its subsidiaries) of the Solaire Resort & Casino and Jeju Sun Hotel & Casino, said it reported a full-year net profit of P2.323 billion, a substantial P5.7 billion swing from the previous year’s P3.375 billion net loss.

In a disclosure to the Philippine Stock Exchange, Bloomberry said this was due “to robust topline growth, effective cost-containment measures and a significant drop in provisions for doubtful accounts although this was moderated by losses from Korea.”

Without the drag from Korea, Solaire would have reported a P3.460 billion net profit, compared to a P2.377 billion net loss in 2015, the company said.

Bloomberry was able to erase the retained losses in its balance sheet in  the fourth quarter of 2016 with P87 million in retained earnings by the end of 2016.

Bloomberry generated in P732 million in net profits in the fourth quarter 2016, a P2.598 billion year-on-year swing compared to the P1.866 billion net loss during the same period last year.

Enrique Razon Jr., Bloomberry chairman and chief executive officer, said: “The year was not without its challenges, but our continuing programs on financial management, marketing, property and systems improvements, and staff engagement rallied us through.”

“Overall, we are more than pleased with the results that put us in good standing with the competition. We hope to use this position of strength to carry us into, if not surpass, the results for the current year,” added Razon. DMS