Tiu family’s Discovery World posts higher revenues as travel sector continues recovery

Discovery World Corp. (DWC) saw revenues in the nine months ended September surge by 300 percent on the back of improved occupancies and guest arrivals in flagship resorts Discovery Shores Boracay and Club Paradise Palawan.

In a regulatory filing, Tiu-led DWC chalked up revenues of P563.5 million, driven by higher room revenues and food & beverage revenues in the second quarter.

The huge jump in operating expenses, however, weighed on DWC’s bottomline.

DWC incurred a P59.27 million net loss during the period, a turnaround from the P104.1 million profit reported from January to September last year.

For the third quarter alone, the company suffered a net loss of P50.1 million, 43 percent lower than the P89.24 million loss incurred in the same period a year ago.

DWC’s operating expenses jumped by 30 percent to P203.84 million while cost of sales and services increased to P340.43 million from P168.87 million.

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