Gatchalian-led hotel operator Waterfront Philippines has managed to reverse its losses as it ended the first nine months of the year profitable.
From January to September, Waterfront returned to the black with a net income of P157.22 million. Revenue jumped 41 percent to P1.02 billion as occupancy of its hotel operations improved to 63.28 percent this year compared to only 34.34 percent in 2021.
Average room rate likewise increased to P2,258.16 from only P1,692 as of the end of September 2021.
“The world experienced much larger fiscal deficits the company draw rich lessons while the lockdowns and
mobility restrictions were in force and evolved to adjust to the changes it has brought,” Waterfront said.
“Wisdom and lessons learned brought by the pandemic created a much stronger background that allows the hotel to
bounce back and recover,” it added.
Waterfront holds equity interests in hotels and resorts, a fitness gym, entities engaged in the international marketing and promotion of casinos, manufacturing of pastries, and hotel management and operations.