Q2: PH Resorts reports PHP 7bn loss from Emerald Bay
The loss significantly impacted Q2 and H1 results.
Key points:
– PH Resorts has released its Q2 and H1 2025 results
– After losing its Emerald Bay Resorts property, PH Resorts reported a loss on extinguishment of financial liability of PHP 7bn ($122.8m)
PH Resorts has released its Q2 and H1 2025 financial results.
In total, the operator’s assets sat at PHP 44.6m ($0.78m), down slightly from the PHP 48.6m reported at the end of December 2024, with total assets including noncurrent assets totalling PHP 3.53bn.
Q2 results
For the quarter, PH Resorts reported revenue of PHP 6.2m, a 23.4% downturn year-on-year. Despite this, direct costs and expenses rose slightly to PHP 3.8m, resulting in a gross income of PHP 2.4m, down a sizeable 46.8%.
While operating expenses lowered by roughly PHP 8m to PHP 27.4m, operating loss still came to PHP 25m. However, this is roughly PHP 5m less than the PHP 30.8m reported this time last year.
However, the operator’s loss of its Emerald Bay project came with a significant cost, losing the operator just over PHP 7bn. As such, PH Resorts’ net loss for the quarter came to PHP 6.47bn; incomparable to the now mere PHP 247.4m loss reported this time last year.
Good to know: Chinabank listed the land of Emerald Bay Resort for sale in May
H1 results
Results for the first half of the year do not fare much better.
Total revenue came to PHP 17.4m, down 12.7%. Room revenue came to PHP 9.8m. down 25% year-on-year, while food and beverage and other revenues made a surprising growth in earnings, making PHP 6.6m, up 10.9%, and PHP 1m, up 7.7%.
Total costs and expenses came to PHP 8.5m, down from PHP 8.8m this time last year. Despite this, gross income still came out lower than this time last year, dropping 3.9% to PHP 8.9m, and with a 3.6% increase to operating expenses, leading to an operating loss of PHP 63.4m.
When accounting for other expenses, including the PHP 7bn loss of Emerald Bay, H1 reported a net loss of PHP 6.74bn – less than Q2, and indicative of the impact the Emerald Bay loss has had on the operator.
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