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Some travel companies and hotels have managed to escape losses as tourist numbers have increased significantly since the beginning of this year.
Hoi An Tourism Service Corporation is the unit operating the first and oldest hotel in Hoi An. According to their financial report for Q2/2023, they achieved a revenue of 26.3 billion VND, which is 2.7 times higher than the same period last year, and a post-tax profit of nearly 710 million VND compared to a loss of nearly 4.7 billion VND in the same period last year. Overall, in the first 6 months of this year, the company achieved a revenue of over 47.3 billion VND and a post-tax profit of nearly 839 million VND, compared to a loss of 11.69 billion VND in the same period last year.
The hotel business in Hoi An contributed more than 50% of the company’s total revenue, while the rest came from its subsidiary companies, such as Hoi An Tourism Limited Liability Company, Bai Bien Resort, and Tam Thanh Resort. Earlier, on April 27, the company’s HOT shares were delisted due to three consecutive years of losses. Currently, HOT shares are being traded on UPCoM.
Hotels and resorts have escaped losses when tourists increase again
Another company that managed to escape losses in the first 6 months of this year is Ninh Van Bay Tourism Real Estate Joint Stock Company, which owns some of the most luxurious resorts in Vietnam, including Six Senses Ninh Van Bay. Their report shows revenue of 184.7 billion VND, a 10.7% increase compared to the same period last year. The post-tax profit reached over 22 billion VND, with the parent company’s profit being more than 7.2 billion VND, whereas they suffered a loss of 12.9 billion VND in the same period last year.
The company evaluates that in 2023, domestic tourism and resort destinations, in particular, have shown signs of recovery and remarkable development. The business activities of the resorts in the first 6 months are very promising. Additionally, the company also recorded a return of 18.3 billion VND from the provision for capital contribution to Tan Phu Tourism Joint Stock Company.
On the other hand, Thanh Thanh Cong Tourism Joint Stock Company, which owns hotel chains like TTC Hotel, reported a revenue of over 303.6 billion VND in the first 6 months of this year, a 22.3% increase. In Q2/2023 alone, the company made a profit of nearly 7.8 billion VND, helping them achieve a profit of 1.11 billion VND in the first 6 months, escaping losses. However, compared to the first 6 months of 2022, Thanh Thanh Cong’s profit has decreased by nearly 50%.
The companies explained that in the context of the global economic downturn, rising interest rates, and increased corporate income tax expenses are the main factors contributing to the reduction of profits.
Lastly, Saigon Hotel Corporation, the unit managing Saigon hotels, one of the oldest hotels in Ho Chi Minh City, achieved a revenue of over 20.5 billion VND in the first 6 months of this year, more than double compared to the same period last year. The company recorded a post-tax profit of over 9.45 billion VND, which is 4.2 times higher than the same period last year.
@Thanhnien.vn