Suntrust Resort Holdings has released its financial results for the first quarter of this year, showcasing an improvement in revenue but with increasing operational costs.
Suntrust, a subsidiary of LET Group, is a Philippine gaming operator currently developing the $1.1 billion Westside City project in Metro Manila.
In terms of revenue, Suntrust reported gross revenue of PHP2.97 billion ($53 million) for the 1Q25, consistent with the previous year. However, gross expenses surged by 51.65 percent to PHP205.31 million ($3.7 million), reflecting increased operational costs.
The company also recorded non-operating income of PHP125.45 million ($2.25 million), a notable entry considering there was no such income reported in the previous year.
Conversely, non-operating expenses were reduced by 98.99 percent to PHP1.10 million ($19,500), down from PHP108.57 million ($1.95 million) a year prior, indicating improved management of costs outside of core operations.
Despite these gains, Suntrust reported a net loss of PHP84.33 million ($1.5 million), an improvement from a loss of PHP256.10 million ($4.6 million) in the same quarter last year, a 67 percent reduction in losses. The loss attributable to parent equity holders was similarly reported at PHP84.21 million ($1.5 million).
Current assets decrease
For the period, the company reported total assets of PHP54.94 billion ($987 million), reflecting a modest increase of 1.34 percent from PHP54.21 billion ($$974 million) at the end of 2024.
Current assets, however, decreased significantly by 36.84 percent, dropping to PHP4.04 billion ($73 million) from PHP6.39 billion ($115 million), indicating a tightening of liquidity.
On the liabilities side, total liabilities rose to PHP46.49 billion ($836 million), marking an increase of 1.84 percent from PHP45.65 billion ($825 million). Current liabilities also experienced an uptick of 20.31 percent, reaching PHP2.25 billion ($40 million).
This rise in liabilities has contributed to a retained deficit of PHP4.71 billion ($84 million), widening slightly from PHP4.63 billion ($83 million).
