Operating cost and expenses hit Bloomberry H1 revenue growth

Bloomberry Resorts Corp. incurred a net loss of PHP1.3 billion in the first six months due to higher expenses at its Solaire Resort and Casino.

Bloomberry, in its filing to Philippine Stock Exchange on Thursday, said that Solaire’s operating costs and expenses increased 32.3% to PHP10.98 billion primarily related to the full operation of Sky Tower and related amenities in the first half of 2015.

The expenses included PHP960.3 million in depreciation and amortization, up 70% year-on-year; a PHP867.7 million increase in provision for doubtful accounts; PHP487.5 million in additional payroll; and PHP153 million in additional rent to the Philippine Amusement and Gaming Corp. for land used for a new parking structure for Sky Tower. The company also spent PHP115.3 million for outside contractors, primarily in engineering related capacities, and PHP104 million for additional supplies utilized in the larger facility consisting of Bay Tower and Sky Tower.

Meanwhile, offshore investments Solaire Korea and Jeju Sun accounted for P325.2 million in operating costs and expenses for the period.

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