Phu Quoc Tourism Investment and Development Joint Stock Company (DPQC) reported a net loss of nearly 564.4 billion VND for the first six months of the year, a nearly 70% increase compared to the same period last year.

The company's daily losses averaged over 3.1 billion VND, resulting in undistributed post-tax profits of over -5.5 trillion VND.

These losses reduced the company's equity by over 32% to approximately 1.996 trillion VND. However, on a positive note, liabilities decreased by nearly 917 billion VND to about 41.607 trillion VND. The company currently holds approximately 324 billion VND in bank debt and over 7.520 trillion VND raised through bonds.

Over the past few years, DPQC has raised capital through 33 bond issuances. Currently, eight bond lots are outstanding, mostly maturing in 2027, typically carrying a 10% annual interest rate. During the first six months of the year, the company paid approximately 288 billion VND in interest to bondholders and reported no late payments.

Overview of the Casino Corona Phu Quoc project, part of the Phu Quoc Island Project Complex. Photo: DPQC

Established in 2014, DPQC is a subsidiary of Vingroup (VIC). The company operates seven brands, including Vinpearl Safari, VinOasis entertainment complex, and resorts such as Vinpearl Resort & Golf, Vinpearl Resort & Spa, and Discovery 1, 2, and 3 in Phu Quoc City (Kien Giang).

DPQC also operates gambling services for foreigners, overseas Vietnamese, and a pilot program for local residents at Casino Corona Phu Quoc. This is currently the only casino in the country open to Vietnamese citizens.

In addition to these brands, DPQC is developing the Hon Doi Moi project and the Bai Vong conference center, hotel, and villa complex. These two unfinished projects are part of the Phu Quoc Island Project Complex, spanning over 1,160 hectares with a total investment of approximately 2 billion USD.

Tat Dat