Universal Ent expects loss in full year results
Universal has updated its financial forecast for 2024.
The Philippines.- Universal Entertainment Corp has updated its financial expectations for full-year 2024. It now expects a net loss of JPY18.30bn (US$116.9m). The Japanese firm, the parent of the Okada Manila casino resort in the Philippines, said in a notice issued on Thursday that it will not pay a year-end dividend for 2024.
Universal Entertainment estimates net sales to reach JPY126.00bn. It had previously forecast such sales to be JPY200.00bn. Among the reasons mentioned was the “uncertain situation caused by the possibility of a continuing decline in VIP customers across the entire casino market in the Philippines”, a trend that the firm said was “expected to continue.”
In August, Universal Entertainment shared its financial results for the second quarter of the year. It recorded net sales of JPY62.9bn (US$429m). That’s a decline of 20.7 per cent when compared to last year, mainly attributed to a drop in the net sales of its leisure equipment and integrated resort businesses.
Operating profit was down 69.6 per cent year-on-year to JPY3.26bn (US$22.2m), while ordinary profit was down 80.4 per cent to JPY5.57bn (US$38.0m). The company’s net income attributable to owners of the parent fell 97.5 per cent to JPY525m (US$3.6m).
