LISTED real estate company Suntrust Home Developers, Inc. and its subsidiaries incurred a net loss of P211.55 billion in 2020, lower than the P314.78 billion it suffered in the previous year.
In a disclosure to the exchange on Monday, the company said the COVID-19 pandemic did not affect its businesses as much as its hotel and casino are still in the preliminary construction activities. The company added that financing will not be an issue.
“The group experienced no delays in its preliminary construction activities nor difficulties in financing. Management is still on track with its initial target date of completion of construction by 2023,” Suntrust said.
Suntrust is currently planning and constructing its Main Hotel Casino, a planned 5-star hotel and casino establishment under its co-development agreement with Westside City Resorts World, Inc.
The Main Hotel Casino is said to feature at least 400 rooms, 960 car parking slots, and a casino establishment “that would cater to both mass and VIP markets.”
The revenues and income of the company and its subsidiaries reached P15.2 million in 2020, falling by 97% from P582.96 million from the previous year.
On Jan. 19, Suntrust established Suncity WC Hotel, Inc., a wholly owned subsidiary created to handle its hotel business, among others.
According to the company’s financial report, Suntrust also entered a loan agreement with Summit Ascent Holdings, Ltd. on Feb. 23 for an interest-bearing loan with a principal sum of up to $120 million (nearly P5.83 billion).
The loan is meant to support Suntrust’s short-term cash position, while it is still finalizing its long-term loans. It is intended to be settled within three to six months.
On Monday, Suntrust shares at the stock exchange inched down by 1.95% or P0.03 to close at P1.51 apiece. — Keren Concepcion G. Valmonte
