Amanpulo getting slightly more visitors amid pandemic but profits plunge 46% in Q1
Property

Amanpulo getting slightly more visitors amid pandemic but profits plunge 46% in Q1

The Palawan luxury resort of bilyonaryo Andres Soriano III is continuing to draw slightly more guests despite the raging pandemic but higher protocol expenses are eating up its profits.

Amanpulo had an occupancy rate of 44.9 percent in the first three months of 2021 compared to 43.8 percent a year ago.

Amanpulo’s revenues fell by 10 percent year-on-year to P228.1 million in the first quarter as travel restrictions for foreign flights, have dampened the arrival of higher-spending foreign tourists.

Its average room rate slipped by 16 percent year-on-year to P63,490 in the first quarter this year.

Due to higher costs and lower margins, Amanpulo’s profits sunk by nearly half year-on-year to P24.1 million in the first three months this year.

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