Discovery World, the upscale resort developer owned by the Tiu family, has significantly reduced its losses in the first quarter of this year, driven by a surge in revenues.
The company reported a 58% decline in net loss, amounting to P18.34 million, compared to a net loss of P43.89 million during the same period last year.
The impressive improvement in financial performance can be attributed to the robust revenues generated during the three-month period, which witnessed a remarkable 81% jump to reach P248 million, surpassing last year’s P137.3 million.
The sustained recovery of the tourism sector, marked by a rise in domestic and international tourist arrivals, played a key role in driving the company’s revenue growth.
Discovery Shores Boracay and Club Paradise Palawan, two flagship properties of the group, exhibited consistent improvements in occupancy rates and average rates, contributing to the overall revenue boost.
The growth was further supported by Discovery Hospitality Corporation, the group’s management company, which experienced increased revenue from hospitality management contracts.
With the tourism sector showing signs of recovery and the successful implementation of strategic initiatives, Discovery World is well-positioned to capitalize on the improving market conditions and solidify its position in the luxury resort industry.
Discovery remains optimistic about its future prospects as it continues to cater to discerning travelers seeking exceptional experiences.