Outside Dam Sen Water Park - Photo: HONG PHUC
Phu Tho Tourist: Number of visitors decreased, continued losses
In the first three months of 2025, Phu Tho Tourist Service Joint Stock Company (Phu Tho Tourist), the owner of Dam Sen Park, recorded revenue of nearly VND 45.6 billion, down more than 28% compared to the same period in 2024.
The company suffered a net loss of nearly VND5.1 billion, while in the same period last year it made a profit of more than VND5.5 billion. This is the third consecutive quarter that Phu Tho Tourist has recorded a loss.
The company's management said that business results declined due to the impact of the general economic situation, which reduced people's spending, shopping and entertainment needs.
Besides, the entertainment trend is shifting to shopping malls, where there are many free services and air-conditioned spaces in the context of increasingly hot weather in Ho Chi Minh City.
In addition, 2024 marks a clear change in young people's tastes. They prioritize beautiful, new spaces to check-in and record TikToks rather than participating in traditional entertainment activities at the park. Although Phu Tho Tourist has invested in renovating some games, the scale is still small so it has not achieved the expected results.
Phu Tho Tourist currently manages and operates Dam Sen Cultural Park (Dry Dam Sen), Phu Tho Hotel, Dam Sen Tourist Service Center and Vam Sat Eco-tourism Area.
The company also participates in business cooperation with Dam Sen Water Park Joint Stock Company and makes financial investments in Saigon Da Lat Joint Stock Company and Saigon Dong Ha Joint Stock Company.
By the end of 2024, Saigon Tourist Corporation owns 49% of Phu Tho Tourist's capital, followed by SAM Holdings with 34.96% and Hung Vuong Insurance Corporation holding 2.95%.
To improve the situation, Phu Tho Tourist plans to convert the children's game area into a high-tech science area, develop event organization services at the park, reinvest in the electronic ticket system and expand modern payment methods.
Regarding the business association segment, Dam Sen Water Park - where Phu Tho Tourist owns 33.54% of capital - also recorded negative results. Net revenue in the first quarter of this year decreased by more than 25% compared to the same period last year and net profit was only 53% compared to the first quarter of 2024.
Tani Tour: High profits from cable cars and slides
On the contrary, in the same period of the first three months of this year, Tay Ninh Tourism - Trade Joint Stock Company (Tani Tour), the parent company of Tay Ninh Ba Mountain Cable Car Joint Stock Company, reported a profit increase of nearly 18% over the same period, reaching more than 22.4 billion VND.
Cable car and toboggan transportation continued to be Tani Tour's largest source of revenue, bringing in more than VND23.5 billion in revenue in just the first 90 days of the year, while the cost of goods sold was only about VND9 billion, corresponding to a gross profit margin of more than 61%. In addition, parking and landscape cleaning services also achieved high profit margins, at 37.5% and 27%, respectively.
Established in 1982, Tani Tour focuses on sales and tourism services in the Ba Tay Ninh mountain area. According to the Tay Ninh Provincial People's Committee, in the first three months of 2025, the locality welcomed about 2.4 million visitors, with total tourism revenue reaching over VND 1,800 billion, an increase of over 41% over the same period.
In the tourism sector, Vietnam Tourism and Transport Marketing Joint Stock Company (Vietravel) also recorded not entirely favorable business results in the first quarter of 2025.
Vietravel's net revenue increased by more than 8% to nearly VND1,300 billion and gross profit increased by more than 11%. However, financial expenses, sales expenses, etc. all increased, while other profits decreased, causing net profit last quarter to reach less than VND6 billion, equivalent to 47% of the results of the first quarter of 2024.
Source: https://tuoitre.vn/vui-choi-dau-nam-cap-treo-tay-ninh-thu-lon-phu-tho-tourist-tiep-tuc-lo-20250426214658536.htm
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