Universal Entertainment report shows positive net income for Q1

Universal Entertainment Corp has posted net income of JPY10.9bn (US$84.m) for the quarter ending March 31.

Japan.- Universal Entertainment Group has posted net income of JPY 10.9bn (US$84.3m) for the first quarter of 2021. Net sales reached JPY 27.7bn (USD$214m), up 89 per cent compared to the same period the previous year. Total assets at the end of Q1 amounted to JPY 593.9m (US$4.5m), an increase of JPY 21.6m (US$167.000) from the prior-year period.

The company, which is involved in Okada Manila in Entertainment City, said the improvement was due it being able to operate its casino, hotel, restaurants and other facilities at 100 per cent capacity from March 1, thanks to the easing of restrictions by the Philippines government.

Universal Entertainment also attributed positive gains to increases in cash and deposits and non-current assets, as the Japanese yen depreciated in relation to the Philippine peso. 

The integrated resorts business posted net sales of JPY11.3bn (US$87m), up 26.2 per cent year-on-year. Adjusted segment EBITDA was JPY2.4bn yen, up 68.8 per cent in comparison to the same period in 2021. 

See also: Universal Entertainment reports loss of US$165m for 2021