Horse racing and property development group Manila Jockey Club Inc. saw its first quarter net income decline by 50.3% to P9.5 million as operations had been disrupted by the coronavirus outbreak.
In a regulatory filing, Manila Jockey said revenues slightly declined to P382.7 million as income from club races decreased by 36.3% to P21.4 million. The group only had 20 racing days during the quarter compared to 26 from the previous year.
For March alone, the company operated only two racing days due to the lockdown imposed by the government to contain the spread of the virus.
Income from cockfighting fell 27.6% to P234.9 million as the number of derbies decreased to 3,299 from 3,343.
Manila Jockey Club recognizes income from its joint venture with the Ayala Group for its Sta. Cruz property and Century Communities Corp. for its Carmona property.