MANILA, Philippines — Dennis Uy’s listed hospitality and gaming company PH Resorts Group Holdings Inc. continue to report losses, battered by the negative impact of the global health pandemic.
PH Resorts said first half net loss widened to P175.6 million from P134.3 million a year ago or higher by P41.1 million, according to the company’s latest financial report.
Net operating revenues reached P2.1billion for the period, a 78 percent slump from P9.5 billion a year ago, primarily due to lower occupancy rate of the Donatela Resort & Sanctuary in Bohol due to the restrictions caused by the COVID-19 pandemic.
Total operating expenses are related to the management and administration of Emerald Bay, operations of Donatela Resort & Sanctuary and other organizational expenses.
Interest expense incurred on borrowings increased to P60.5 million from P55.4 million a year ago, primarily due to the financing costs incurred from advances of a related party.
PH Resorts’ current liabilities decreased to P7.4 billion from P8.16 billion, mainly due to the decrease in current loans payable by P855.9 million when the group’s UCPB loan was reclassified as a non-current liability in the first half.
PH Resorts has P5.9 billion in loans from China Banking Corp., which was rolled over initially to Dec. 18, 2020, then to June 18, 2021 and then further to Sept. 14.
“As of Aug. 13, the Group and China Banking Corp. are in the process of syndicating a term loan facility. Upon securing this term loan facility, the group expects to use the proceeds of such loan to refinance the CBC bridge loan facility and fund the ongoing construction and fit-out of the first phase of Emerald Bay,” PH Resorts said.
Emerald Bay Resort & Casino in Mactan, Cebu is PH Resorts’ flagship project, which is scheduled to open by the third quarter of next year.
PH Resorts also has a long-term loan from UCPB amounting to P975 million, due in September 2028.
The company raised approximately P600 million from qualified buyers following a top-up placement to fund its casino project.