BLOOM's Profit for FY22 Surpasses COL Forecast Due to Strong 4Q22 Performance

BLOOM exceeded its profit forecast for FY22 thanks to a robust 4Q22 volume. The company's net profit in 4Q22 reached Php1.12 Bil, or Php1.53 Bil if we exclude forex losses from the Philippine Peso's appreciation. This marks a significant improvement from the Php1.20 Bil net loss, excluding forex gains, reported in the same period last year, and a 19% increase from the preceding quarter. The recovery of consumer spending during the holiday season, which was the first normal one since the pandemic, drove gaming and other revenues in the quarter.

For the whole year of 2022, BLOOM's net profit reached Php5.17 Bil or Php5.05 Bil, excluding forex gains, outperforming both COL and consensus estimates. The higher gaming revenue, lower depreciation, and increased interest income were the primary drivers of this exceptional performance.

Source: www.colfinacial.com