Bloomberry Resorts makes P2.153B net profit in Q1

Bloomberry Resorts Corp. has turned around its bottom line in the first quarter from year-earlier a loss, owing to the first revenue contribution from South Korea.

In a filing on Monday, the operator of Solaire Resort and Casino reported a net profit of P2.153 billion in the first three months of the year, a reversal from a net loss of P1.156 billion.

In the fourth quarter of 2016, the company made P732 million.

"The company's Korean operations reported their first ever profitable quarter with P324 million in profits although this was mainly due to foreign exchange gains," it said.

Bloomberry acquired Jeju Sun Hotel and Casino in 2015, as part of a strategy to expand its footprint outside Philippine shores.

VIP gaming volume grew by 35 percent and lifted VIP gross gaming revenue by 60 percent.

"We are very pleased that the turnaround and headway we experienced in 2016 continued to be felt in the first quarter of the year," Bloomberry Chair and CEO Enrique K. Razon Jr. said.

"We are convinced that this trending will go on for the rest of the year," he added. — Jon Viktor Cabuenas/VDS, GMA News