Phu Tho Tourist, owner of Dam Sen Cultural Park, profited 5.5 billion VND in the first three months of the year, more positive than the previous two quarters of losses.
Recent financial reports show that Phu Tho Tourism Services Joint Stock Company (Phu Tho Tourist – DSP) had first quarter revenue of nearly 65 billion VND, up 16% over the same period. This is also the highest number in the past year and a half.
Even though the increase was slow, cost price was still greater than revenue, causing the company to have a gross loss of 3.7 billion VND. This level is 61% lower than the gross profit deficit of the first quarter of 2023.
Meanwhile, financial revenue increased by 35% over the same period thanks to DSP receiving 16% of the dividend at the end of 2023 from its subsidiary Dam Sen Water Park Joint Stock Company (Dam Sen Nuoc – DSN). . Thanks to debt-free debt, this business has no financial costs. They also significantly reduce sales and business management costs.
In total, Phu Tho Tourist’s profit after tax is more than 5.5 billion VND. This number is a positive improvement compared to the loss of nearly 10 billion in the first quarter of 2023. This is also the quarter when the business returns to profit after the first half of 2023 with consecutive losses.
Last year, DSP returned to profit after three years of losses with a profit of about 2.3 billion VND. However, the company’s profits mainly come from financial activities, with the biggest contribution being dividends from Dam Sen Nuoc. While the parent company’s business activities have not recovered, Dam Sen Nuoc has a record profit of 112 billion VND.
Phu Tho Tourist manages and operates four business units including: Dam Sen Cultural Park (also known as Dam Sen Kho), Ngoc Lan – Phu Tho hotel cluster, Dam Sen Tourist Service Center and Dam Sen Tourist Area. Vam Sat mangrove forest ecological calendar. The company also participates in an association at Dam Sen Nuoc and makes financial investments 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 has attracted many tourists, the business situation of the two units has recently been opposite. While Dam Sen Nuoc rebounded thanks to good communication campaigns, Dam Sen Kho – accounting for 80% of DSP revenue – had backward results. Last year, the board of directors 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 the companies. DSP business unit.
Phu Tho Tourist’s board of directors themselves assessed that the old dry park was less attractive to young people, leading to a loss of competitive advantage. In contrast, Dam Sen Nuoc “doesn’t have much competition” in terms of water entertainment services and is putting resources into renovating and renewing the landscape and infrastructure.
Game “roller coaster” in Dam Sen park (District 11, Ho Chi Minh City). Image: 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 a key part with a planned revenue of 220 billion VND, an increase of 27%. DSP expects this park’s pre-tax loss to halve to about 23 billion VND. The Board of Directors determines to develop the culinary business to account for a large proportion of revenue and “create a special attraction for customers” to Dam Sen Kho.
