(Jamaica Observer.com)
Dolphin Cove's net profit jumps 152%
Wednesday, May 18, 2011
A fifth baby Dolphin was born at Dolphin Cove last month, marking the success of the entity's breeding programming. But perhaps more remarkable was the 152 per cent jump in net profit that the listed company posted for its March end quarter.
Dolphin Cove netted $76.6 million for the three months ended March 31, 2011, up from the $30.3 million net profit it made in the comparative period last year.
Dolphin Cove netted $76.6 million for the three months ended March 31, 2011, up from the $30.3 million net profit it made in the comparative period last year
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The rise in profit resulted from 32 per cent higher revenue — from $153.4 million to $203.2 million — from its attraction revenue and higher ancillary services income, which was up 39 per cent over the March end 2010 quarter to $97.3 million during the review period.
The fact that the company didn't have to pay corporate taxes due to its listing on the Jamaica Stock Exchange (JSE) Junior Market also added to the bottom line while during hte corresponding quarter it paid out $15 million in corporate taxes.
All of its locations posted profit during the review period, with the Hanover segment, which began operations late last year, contributing to 12.5 per cent of the net profit and 14.9 per cent of the company's $300.4 million in revenues.
In a statement to shareholders accompanying its financial statements, Dolphin Cove said it was concerned "that advertising by the Jamaica Tourist Board has been suspended since February 2011 due to budgetary constraints as there might be a lag effect that will manifest itself later in the year in terms of visitor arrivals".
At the same time, the tourism attraction company said it was looking forward to increased tourism arrivals into Falmouth and "the start of construction of the 900 room expansion at Fiesta Grand Palladium".
"We continue to seek opportunities which can generate value for our stockholders," added the statement. "With the hiring of a highly credentialed operations manager and the strengthening
of our finance administration in April 2011, more effort can be devoted to marketing and the exploitation of new opportunities. We are well positioned to finance new opportunities and expansion of our facilities with our strong balance sheet."
Dolphin Cove's breeding program continued to be successful with the arrival of a new calf (baby dolphin) in April. This makes a total of five babies born in its facilities in the last two years.
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