Bloomberry sustains recovery as Philippines woos Chinese tourists


Posted at Aug 10 2017 10:45 AM

MANILA - Bloomberry Resorts said Thursday net income grew 47 percent in the second quarter, sustaining its recovery as the government moved to attract more high rollers from China.

Net income attributable to shareholders grew to P1.96 billion from P1.34 billion during the same period in 2016, the operator of the Solaire casino-resort told the stock exchange.

This brought 6-month net income to P4.11 billion from P191 million during the comparable period last year, Bloomberry said.

Bloomberry Resorts shares were up 2.87 percent to P9.31 after the earnings report was released. The main index was down 0.11 percent to 7,977.16.

The growth could be attributed to President Rodrigo Duterte seeking closer ties with China, opening opportunities for tourism, Diversified Securities trader Aniceto Pangan told ANC's Market Edge with Cathy Yang.

Gaming revenues grew 16 percent to P9.07 billion, hotel, food and beverage revenues grew 18 percent to P540 million, while retail revenues grew 123 percent to P217 million.