Melco Crown Philippines posted a net loss of P1.4 billion for the second quarter and of P2.4 billion for the first half of 2014 as it filed its pre-operating results with the stock exchange.
Pre-opening costs were P736.5 million for the three months ended June 30, 2014, as compared to P151.1 million year on year, primarily related to staff cost and fees, the company said in a filing. The increase in pre-opening costs were mainly attributable to an increase in staff cost by P369.4 million, in line with the increase in headcount, and an increase of P124.3 million share-based compensation for consultants and employees, among others.
MCE PH is expected to increase its manpower by 107 percent at the end of the third quarter, and by an additional 3 percent at the end of the year, to complete its total manpower complement, it said in a filing. The company currently counts a total manpower of 2,480 employees as of June 30, 2014, from 340 employees as of March 31, 2014, accounting for a 629 percent increase in total manpower from the first to the second quarter of the year.
Total operating costs and expenses were P1,2 billion for the six months ended June 30, 2014, representing an increase of P852.8 million, from P409.8 million for the six months ended June 30, 2013. The increase in operating costs were mainly related to the pre-opening costs, depreciation, as well as amortization of contract acquisition costs, which were partially offset by the decrease in general and administrative expenses and development costs.