Phu Tho Tourist, owner of Dam Sen Cultural Park, made a profit of VND5.5 billion in the first three months of the year, more positive than the previous two loss-making quarters.
A recent financial report shows that Phu Tho Tourist Service Joint Stock Company (Phu Tho Tourist - DSP) had a revenue of nearly 65 billion VND in the first quarter, an increase of 16% over the same period. This is also the highest figure in the past year and a half.
Despite the slow increase, the cost of goods sold was still greater than revenue, causing the company to have a gross loss of VND3.7 billion. This level is 61% lower than the gross profit deficit of the first quarter of 2023.
Meanwhile, financial operating revenue increased by 35% year-on-year thanks to DSP receiving a 16% final dividend in 2023 from its subsidiary, Dam Sen Water Park Joint Stock Company (Dam Sen Water - DSN). Thanks to its debt-free status, the company has no financial costs. They also significantly reduced sales and business management costs.
In total, Phu Tho Tourist's after-tax profit was more than VND5.5 billion. This figure improved positively compared to the loss of nearly VND10 billion in the first quarter of 2023. This is also the quarter when business returned to profit after consecutive losses in the first half of 2023.
Last year, DSP returned to profit after three years of losses with a profit of about VND2.3 billion. However, the company's profit mainly came from financial activities, the largest contribution being dividends from Dam Sen Nuoc. While the parent company's business has not recovered, Dam Sen Nuoc had a record profit of VND112 billion.
Phu Tho Tourist manages and operates four business units including: Dam Sen Cultural Park (also known as Dam Sen Dry), Ngoc Lan - Phu Tho hotel cluster, Dam Sen Tourist Service Center and Vam Sat Mangrove Ecotourism Area. The company also participates in Dam Sen Water and invests financially in two hotels including Saigon - Da Lat (Lam Dong) and Saigon - Dong Ha (Quang Tri).
Located in Dam Sen Park in District 11 (HCMC) which used to attract many tourists, the business situation of the two units has been in contrast recently. While Dam Sen Nuoc has recovered thanks to good communication campaigns, Dam Sen Kho - accounting for 80% of DSP's revenue - has had declining results. Last year, the management focused on organizing many big games and events on many holidays, but the number of visitors did not meet expectations with revenue decreasing by 10.5% and a loss of more than 43 billion VND - the heaviest among DSP's business units.
Phu Tho Tourist's management board itself assessed that the old dry park was less attractive to young people, leading to a loss of competitive advantage. On the contrary, Dam Sen Nuoc "does not have much competition" in terms of water entertainment services and is focusing resources on renovating and renewing the landscape and infrastructure.
The "super speed roller coaster" game in Dam Sen Park (District 11, Ho Chi Minh City). Photo: DSP
According to this year's plan, Phu Tho Tourist wants to have about 274.6 billion VND in revenue and more than 3 billion VND in pre-tax profit. Both targets increase by 23% and 32% respectively compared to 2023.
Of which, Dam Sen Cultural Park is the key part with a planned revenue of 220 billion VND, an increase of 27%. DSP expects the pre-tax loss of this park to be halved to about 23 billion VND. The management board determined to develop the culinary business to account for a large proportion of revenue and "create a special attraction for customers" to come to Dam Sen Kho.
Siddhartha
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