COVID-19 drags Bloomberry earnings to net loss in 2020

Bloomberry Resorts Corp. continued to report a plunge in its earnings for the fourth quarter of 2020, bringing its full-year performance to a net loss due to the impact of the COVID-19 pandemic.

The Solaire operator reported a net loss of P2.5 billion in the fourth quarter of 2020, reversing its net profit of P1.4 billion in the same quarter in the previous year.

However, its consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) returned to positive territory of P129.3 million versus losses of P203.7 million the previous quarter.

"I am encouraged by our performance in the final quarter of 2020, particularly as we saw domestic mass gaming revenues increased by 75% compared to the previous quarter and EBITDA hitting positive territory," said chairman and chief executive officer Enrique Razon Jr.

The latest figures led the company to report a full-year net loss of P8.3 billion in 2020 versus a net profit of P9.9 billion in 2019. Revenues fell 62% to P17.8 billion from P46.6 billion.

"Our recovery is well underway. We look forward to a more meaningful improvement in 2021 should we see further easing of domestic quarantine restrictions and the eventual resumption of travel and tourism across our key markets," said Razon.

Aside from Solaire Resort & Casino, Bloomberry has marketing presence in Korea, Macau, Hong Kong, Singapore, Malaysia, Indonesia, Thailand, Taiwan, and Japan.

It owns and operates the casino in Solaire, and Bloomberry Cruise Terminals Inc. which was established to manage and operate the proposed Solaire Cruise Center and Yacht Harbor.

It also owns Solaire Korea Co. Ltd. and its subsidiaries Golden & Luxury Co. Ltd., which owns and has a gaming license to operate Jeju Sun Hotel & Casino; Muui Agricultural Corp; and Bloom Capital B.V.

Shares in the company closed Monday down P0.05 or 0.64% to P7.80 apiece from last Friday's finish of P7.85.—LDF, GMA News