Grand Plaza Hotel Corp. generated P3.91 million in the January-to-March period, eight times the company’s P497,7444 profit recorded year on year, the company disclosed to the exchange on Friday.
However, the company’s food and beverage business is still affected by pandemic restrictions, leading to a total revenue fall of 20.8% to P73.11 million from P92.43 million.
Grand Plaza Hotel’s food and beverage segment generated revenues worth P11.02 million during the first quarter, around 53% lower than the previous year’s P23.33 million.
The company said it mainly caters to in-house guests’ meals as it did not host big events.
“In the first quarter of this year, the hotel housed mostly returnee Filipinos and call [center] workers,” Grand Plaza Hotel said.
Room revenues declined by nearly seven percent to P61.65 million from P66.01 million.
Operating expenses, which include payroll cost, operational expenses, and utilities, amounted to P67.37 million, declining by 23.1% due to lower payroll costs as the hotel has been “operating on a lean manning.”
All non-essential expenses have also been deferred, and utility expenses declined on lower consumption.
Shares of Grand Plaza Hotel at the stock market were last traded on Thursday at P9.67 each. — Keren Concepcion G. Valmonte
