Philippines headquartered MJC Investments Corp reported net loss of PHP130 million ($2.33 million) for quarter ended on June 2022, cushioned by a five-fold jump in gaming revenues.

Strong revenue stream of the company for the quarter somewhere helped cushion the loss for June 2022 on a year-on-year basis, as the company had reported net loss of PHP 173 million ($3 million), during the same quarter last year.

On a year-on-year basis, the net revenue of the company grew more than three times at PHP98.5 million ($1.8 million) as against PHP30 million ($0.55 million).

Revenue stream of the company was dominated by the gaming segment which contributed 57 percent to the top-line of the company for the second quarter of 2022 and grew almost five fold at PHP56 million ($1 million) from PHP9.7 million ($0.71 million).

Whereas the Hotel segment contributed 13 percent, Food & Beverages segment contributed 11 percent, Bingo Operations segment contributed 16 percent, Rentals segment contributed 2 percent and other revenue streams contributed 1 percent to the top-line of the company in the second quarter of 2022.

Significant rise in operating cost, interest expenditure catalyzed the erosion of the bottom-line, for June 2022 quarter.

Operating cost of the company grew 13 percent on a year-on-year basis at PHP181 million ($3.25 million) from PHP161 million ($2.88 million) eroded the bottom-line of the company.

Whereas interest expenditure spiked 7 percent at PHP45 million ($0.81 million) from PHP43 million ($0.76 million).

Due to the loss reported by the company in the second quarter of 2022, MJC Investment Corp’s earnings per share turned into a loss per share and the loss per share stood at PHP0.040, which was 26 percent low on a year-on-year basis from loss per share of PHP0.054, during the same quarter in last year.