Dam Sen Park owner suffers heavy losses, Tay Ninh Ba Mountain Cable Car profits increase

A number of businesses operating in the tourism and service sector have announced their financial reports for the third quarter of 2025, showing a clearly differentiated picture of business results.

Cable car to the summit of Ba Den Mountain - Photo: SW

The owner of Dam Sen Park is suffering prolonged losses.

According to the Q3 2025 financial report of Phu Tho Tourist Services Joint Stock Company (DSP), the company recorded a net loss of nearly VND 55.4 billion, almost four times higher than the same period last year.

This marks the fifth consecutive quarter the company has reported a loss since Q3 2024.

According to Mr. Hoang Van Ba, General Director of Phu Tho Tourist, business revenue in the third quarter of this year decreased by 10% compared to the same period last year, reaching only 45.15 billion VND.

In addition, the decline in deposit interest rates this year compared to last year has caused financial operating revenue to decrease by 27%, to 5.1 billion VND.

However, according to the company's leadership, the losses mainly stemmed from the additional payment of retroactive land lease fees for the period from May 2016 to May 2021, totaling 42.8 billion VND.

Of that amount, 17 billion VND is the land lease fee recalculated according to the new unit price, and 25.8 billion VND is the additional land lease fee payable at 5.4%/year according to Decree 103/2024.

The requirement to pay such a large additional sum comes amidst a still sluggish business environment for the company.

For the first nine months of 2025, DSP recorded revenue of nearly VND 135.9 billion, a decrease of nearly 16% compared to the same period last year. The company incurred a loss of nearly VND 70 billion, while in the first nine months of 2024 it still made a profit of nearly VND 10 billion.

According to the plan approved by DSP's management at the beginning of the year, the company aims for full-year revenue of over 227.2 billion VND, representing an increase of more than 17% compared to the previous year.

After incurring a loss of nearly 21 billion VND in 2024, DSP expects to regain growth momentum and record a positive profit of approximately 2.6 billion VND this year. However, with business results showing that the company is three-quarters of the year ahead, this goal is becoming challenging.

According to the introduction, Phu Tho Tourist manages and operates four units, including: Dam Sen Cultural Park (also known as Dam Sen Dry Park), Ngoc Lan - Phu Tho hotel complex, Dam Sen Tourism Service Center, and Vam Sat Mangrove Forest Ecotourism Area.

This company also has a partnership with Dam Sen Water Park (DSN) and has invested financially in two hotels: Saigon - Da Lat ( Lam Dong ) and Saigon - Dong Ha (Quang Tri).

Ba Na Mountain Cable Car Company in Tay Ninh sees Q3 profits increase by thousands of percent.

Tay Ninh Ba Mountain Cable Car Joint Stock Company (TCT) has just announced its Q3 2025 financial report, recording revenue of VND 8.92 billion, a 2.3-fold increase compared to the same period last year.

Meanwhile, the cost of goods sold decreased by 30%, to 5.62 billion VND, helping the company shift from a gross loss of over 4 billion VND to a profit of 3.3 billion VND this quarter.

Thanks to improved operational efficiency, the corporation reported after-tax profit of nearly 6 billion VND, more than 21 times higher than the same period last year. For the first nine months of the year, the company recorded a net profit of 24 billion VND, an increase of nearly 2.2 times compared to the same period in 2024.

In a written explanation submitted to the State Securities Commission, Mr. Tran Trung Kien, Director of Ba Na Mountain Cable Car Company in Tay Ninh, stated that the positive results stemmed from strong growth in the number of customers using the cable car and slide services, which helped boost profits by 2,045% compared to the same period last year.

Observations of financial data over many years show that the corporation typically achieves its highest business results in the first quarter, thanks to the unique characteristics of the festival tourism industry.

In fact, during every Lunar New Year, Mount Ba Den (Tay Ninh) becomes a prominent spiritual and tourist destination, attracting hundreds of thousands of visitors from all over the country.

Many people choose to spend the night at the foot of the mountain, waiting until early morning to climb to the summit to pray for peace and worship Buddha – contributing significantly to the business's revenue and profits.

BINH KHANH

Source: https://tuoitre.vn/chu-cong-vien-dam-sen-lo-nang-cap-treo-nui-ba-tay-ninh-lai-tang-20251026180323427.htm