Leisure estate developer Discovery World Corp. swung to the black in the second quarter, largely due to the revaluation of the group’s land properties under investment property from cost to fair value.
Leisure estate developer Discovery World Corp. swung to the black in the second quarter, largely due to the revaluation of the group’s land properties under investment property from cost to fair value.
DWC chalked up a net income of P272.55 million from April to June, reversing the P101.1 million loss it reported in the same period last year.
For the first half, DWC posted a net profit of P193.35 million, up from P154.25 million the previous year.
The operator of Discovery Shores Boracay and Club Paradise in Palawan, booked P495.2 million in revaluation gains coming from fair value changes on its landholdings booked under poperty, plaint and equipment.
The gains outweighed the 46 percent decline in revenues during the period to P104.24 million due to effects of a prolonged lockdown owing to surging COVID-19 cases.
DWC ended June with P54.66 million in cash and cash equivalents, significantly lower than the P114.43 million in end-December last year owing to payment of loans, progress billings of suppliers and contractors and for daily operations.
The group, through several subsidiaries, is engaged in leasing retail outlets and constructing Kip and Kin, a hotel and hostel located in Vanilla Beach, El Nido, Palawan.
DWC is confident it can survive the pandemic, which has severely impacted the tourism sector, given its ability to obtain financial support from its stockholders and its access to short-term and long-term borrowings.
SOURCE: Bilyonaryo
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