Vinpearl loss triples as pandemic hits tourism
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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 were 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.
Questions & Answers
Q.What was Vinpearl's specific financial loss during the first half of the year?
What was Vinpearl's specific financial loss during the first half of the year?
Vinpearl recorded a loss of nearly VND5.1 trillion ($220 million) in the first half of the year. This figure represents a tripling of their losses compared to the same period in the previous year.
Q.What is Vinpearl's current debt-to-equity ratio and how has it changed?
What is Vinpearl's current debt-to-equity ratio and how has it changed?
Vinpearl's debt-to-equity ratio rose to 22.57 at the end of H1. This is a significant increase from 2.2 a year earlier, indicating a substantial rise in their use during the period.
Q.What actions did Vinpearl take in response to the pandemic's impact?
What actions did Vinpearl take in response to the pandemic's impact?
In March, Vinpearl shut down some of its resorts and golf courses due to travel restrictions and dwindling demand. The company also recently raised VND865 billion through three-year bonds to address its financial situation.
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