PH Resorts posts a net loss of US$8.67m for H1
The loss was mainly attributed to ongoing pre-development expenses.
The Philippines.- PH Resorts Group Holdings has shared its financial results for the first half of the year. It reported a net loss of PHP494.3m (US$8.67m), an improvement from the PHP1.08bn (US$18.96m) loss in the same period last year.
The loss was mainly attributed to ongoing pre-development expenses, contributing to an accumulated deficit of PHP7.32bn (US$128.66m) as of June 30. Current liabilities exceeded current assets by PHP12.33bn (US$216.51m). The company reported negative operating cash flows of PHP97.2m (US$1.71m), compared to PHP27m (US$474,000) in 2023.
PH Resorts said it is in discussions with various investors about the completion of the Emerald Bay casino resort in Mactan, Cebu. However, there are no agreements in place and the first phase’s opening date is uncertain. In July, the company announced the termination of a term sheet signed with the Okada Group’s Tiger Resort Leisure & Entertainment.
Apart from the Emerald Bay project, PH Resorts also operates a resort in Panglao Island, Bohol, which has been operational since 2018.
