DISCOVERY WORLD CUTS NET LOSS TO P74.26M

DISCOVERY World Corp. managed to trim its losses last year to P74.26 million, from P163.44 million in 2021, as the tourism industry continued to pick up.

Consolidated revenues reached P774.58 million, surging from the previous year's P270.18 million.

"There was a steady growth in tourism resulting in an increase in the group's hotel and resort occupancies during the year," the firm said in a statement, adding that further improvements are expected given the gradual return of foreign tourists to the Philippines.

Revenues from Discovery Shores Boracay and Club Paradise Palawan increased by P479 million, while earnings under Discovery Hospitality Corp. also rose by P6.40 million.

Discovery Fleet's revenues from cruise trips and dive shops operations also went up by P25.40 million.

Discovery World's share price inched up by 1 centavo to P1.44 on Wednesday.

2023-03-30T16:30:10Z dg43tfdfdgfd