Philippines-listed PH Resorts has announced its revenue for H1 of 2024.
The group reported a net loss of PHP494.3m (US$8.64m) for H1 2024; better results than 2023's PHP1.08nn.
The cause was mainly due to pre-development expenses, which resulted in a deficit of PHP7.32bn. The group’s current liabilities exceeded its current assets by PHP12.33bn and the group has negative operating cash flows of PHP97.2m for H1 2024.
As for news regarding Emerald Bay, PH Resorts stated that “‘restrictions’ related to dealings with a previous party for investment” in said project has prevented the group from closing offers from other parties.
“Other parties which have already expressed their keen interest in the Emerald Bay project… have been unable to formalise due to the restrictions under the TRLEI deal.”
TRLEI, the abbreviation for Tiger Resort Leisure & Entertainment, was the operator of Okada Manila. The initial deal stipulated that Tiger Resort (TRELI) would “acquire a significant majority ownership of PH Travel's subsidiaries, namely, Lapulapu Leisure, Inc. and Lapulapu Land Corp," subsidiaries "which are the entities that operate the Emerald Bay Project, located in Mactan, Cebu.”
The deal was broken off in July 2024. This came shortly after PH Resorts denied rumours that talks had fallen through.
Emerald Bay was projected to launch in 2022. PH Resorts' losses in 2022 had delayed the launch and now the project has been on hold while sales deals were being attempted by PH Resorts with other parties.
