PH Resorts Group losses ballooned in H1

Davao-based businessman Dennis A. Uy's PH Resorts Group Holdings saw losses swell in the first semester of 2022 as it continued developing its Emerald Bay Resort Hotel and Casino in Cebu. From January to June, losses ballooned by about 90 percent to P333.1 million, its quarterly report showed. The bulk came from a more than 330-percent jump in foreign exchange losses to P191.65 million, as the weakening Philippine peso made its US dollar-denominated debts more costly. The company continued to suffer from the impact of the pandemic, despite the steady recovery in the broader hotel sector due to more relaxed COVID-19 restrictions. It recorded no revenue in the first semester as...

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