Bloomberry Resorts (BLOOM) of ultra bilyonaryo Ricky Razon is back in the black after enduring two years of losses during the pandemic.
BLOOM booked P2.5 billion in profit in the first six months of 2022, up 231 percent from a net loss of P1.9 billion during the same period last year.
This is the first time BLOOM posted back-to-back quarterly profits since the pandemic struck in March 2020 as the government kept COVID alert levels to the bare minimum during the period. BLOOM amassed P12.5 billion in losses from 2020 to 2021.
BLOOM, however, still has more ground to cover to reach its pre-pandemic profit of P4.65 billion in the first half of 2019.
“Our performance in the second quarter indicates a sustained recovery in all segments of our Philippine operations. Strong demand from the domestic mass market is pushing revenues closer to pre-pandemic levels and spurring the continued improvement of EBITDA and net income,” said Razon in a statement.
The BLOOM chairman and CEO expect the company to further improve its performance “as regional travel starts to pick up in the coming months…absent the emergence of new COVID-19 variants that could disrupt our gains.”
Gross gaming revenues increased 76 percent year on year to P22 billion in the first half of this year while earnings from hotel and restaurants surged 74 percent to P2.7 billion during the same period.