Andy Soriano’s Amanpulo back in the red as it wipes out early 2021 gains
Travel and Arts

Andy Soriano’s Amanpulo back in the red as it wipes out early 2021 gains

The country’s leading ultra-luxury resort Amanpulo in Palawan slips back into negative territory after starting 2021 on a strong note.

Amanpulo is owned by Seven Seas Resorts and Leisure, Inc., a subsidiary of A. Soriano corp. led by blyonaryo Andres “Andy” Soriano III, and Aman Resorts.

Amanpulo posted a net loss of P6.354 million from January to September 2021, down from its P59.8 million loss during the same period last year.

The resort suffered a big loss in the third quarter (a seasonally lean period for the business) after posting a net profit of P29.6 million profit from January to June this year.

While occupancy rate has improved to 33.74 percent this year from 25.6 percent in 2020, its average room rate has slipped seven percent year on year to P55,879 this year,

Amanpulo still has a lot of ground to cover to return to pre-pandemic levels – P150 million profits on P802 million revenues in the first nine months of 2019 with an occupancy rate of 50.7 percent and average room rate of P60,224.

 
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