Recent financial reports indicate that Phu Tho Tourist Joint Stock Company (Phu Tho Tourist - DSP) achieved revenue of over 50.3 billion VND, an increase of nearly 8% compared to Q1 2025. This marks the highest revenue recorded in nearly three years.

However, the cost of goods sold rose by 13% to over 66.3 billion VND. This increase was primarily because Dam Sen Park's operator no longer benefited from a 30% land rent reduction, which had been in effect the previous year. Consequently, the company incurred a gross loss of 16 billion VND in Q1, up 33% compared to the same period.

Despite a 27.5% improvement in financial income, reaching over 14.8 billion VND, it was insufficient to offset the gross loss. Furthermore, recurring expenses collectively increased by 19%, mainly due to labor and advertising costs. During this quarter, DSP doubled its advertising spending, allocating nearly 1.2 billion VND in the first three months of the year.

In total, Phu Tho Tourist reported a net loss after tax of over 6.8 billion VND, a 34% increase year-on-year. This marks a return to unprofitability for the company, following a profitable quarter previously. The cumulative loss currently stands at nearly 396 billion VND.

Phu Tho Tourist manages and operates four business units: Dam Sen Cultural Park (also known as Dam Sen Kho), the Ngoc Lan - Phu Tho hotel complex, Dam Sen Tourism Service Center, and Vam Sat mangrove ecological tourist area. The company also holds an associate investment in Dam Sen Water Park (DSN) and financial investments in two hotels: Sai Gon - Da Lat (Lam Dong) and Sai Gon - Dong Ha (Quang Tri).

Despite being one of the oldest and most centrally located theme parks in Ho Chi Minh City, Dam Sen has become a "burden" for Phu Tho Tourist in recent years. For many consecutive years, the park has generated significant losses for DSP, while Dam Sen Water Park has consistently reported positive business results.

Two visitors are enjoying the Colorful Slide, a new attraction launched this year at Dam Sen. Photo: DSP

For the current year, the company aims to achieve over 237.25 billion VND in revenue and anticipates a continued loss of more than 28.2 billion VND. After the first quarter, they have met over 21% of their revenue target and recorded a loss of approximately 24% of the projected annual figure.

Phu Tho Tourist plans for Dam Sen to generate over 181.9 billion VND in revenue, contributing nearly 77% to the company's total. The main strategy is to transform the park into an appealing entertainment destination for visitors, while also intensifying communication and advertising efforts. Concurrently, they will focus on training and developing a skilled, capable, and experienced workforce.

Tat Dat