Vinpearl loss triples as pandemic hits tourism

By Dat Nguyen September 13, 2020 | 09:03 pm PT

The entrance of Vinpearl Safari on Phu Quoc Island, southern Vietnam. Photo by Shutterstock/Diego Fiore.

Vinpearl Jsc, the hospitality and entertainment arm of conglomerate Vingroup, saw first-half losses triple year-on-year due to the impacts of the coronavirus pandemic.

The operator of premium resorts and theme parks recorded a loss of nearly VND5.1 trillion ($220 million), up from VND1.69 trillion.

Its debt to equity ratio rose to 22.57 at the end of H1 from 2.2 a year earlier.

The rising loss and debts was the result of the pandemic crippling the tourism and hospitality industries in Vietnam since the first quarter.

In March Vinpearl shut down some of its resorts and golf courses amid travel restrictions and dwindling demand.

The company recently raised VND865 billion through three-year bonds. In 2018 and 2019 it had issued a total of VND14.3 trillion worth of bonds.

The company operates 43 resorts and hotels nationwide with over 17,000 rooms, golf courses, theme parks, and a safari park.