LISTED luxury hotel and resort operator Discovery World Corp. (DWC) trimmed its attributable net loss last year to P49 million from P74.35 million net loss in 2022 on the back of higher revenue.
The company’s total revenue improved by 17.6% to P911.15 million in 2023, DWC said in a regulatory filing on Monday.
“This indicates an improvement and a recovery on the group’s operations compared to previous years,” DWC said.
DWC’s rooms revenue rose by 16.5% to P645.52 million, while food, beverages, and other revenues improved by 5.3% to P173.2 million.
Management, incentive, and allied service income climbed by 80% to P57.6 million.
In contrast, rental revenue fell by 7.4% to P5.64 million.
Operating expenses jumped by 25% to P394.52 million, while cost of sales and services jumped by 17.3% to P538.01 million.
DWC is optimistic on its future financial performance due to the continuous recovery of local and international tourism.
“The group expect steady growth in domestic and foreign tourism resulting to increase in the group’s hotel and resort occupancies during the year. The management believes that there will be an upward economic trajectory in the years ahead,” DWC said.
DWC said it is working on an 11-hectare real estate development project in Davao City.
The project is expected to generate up to P7 billion in real estate sales in various phases.
“The management expects that this project will generate substantial cash flow which will improve the group’s overall profitability, generate capital, and support its working capital requirements,” DWC said.
DWC’s properties include Discovery Shores Boracay, Club Paradise Palawan, and Elize Point township in Davao City.
On Monday, DWC shares dropped by 4.8% or six centavos to P1.19 apiece. — Revin Mikhael D. Ochave
