Business picks up as Dolphin Cove welcomes more tourists
Published:Wednesday | August 17, 2022 | 12:10 AM
Visitors to Dolphin Cove’s marine parks more than doubled in the second quarter ending June, leading to a 81 per cent spike in revenue to US$3.8 million.
But the dramatic climb at the top line was not enough to keep earnings on par with their 2021 performance. Profit fell by 17 per cent to US$1 million.
Dolphin Cove earns most of its revenue from tourists, particularly those visiting by cruise ship. The market, which dried up over the pandemic, began to return last August.
Dolphin Cove’s earnings for the quarter, while lower than the similar period in 2021, tracked seven per cent higher than in its pre-pandemic performance in the April-June 2019 period. Revenues for the period was also up six per cent relative to 2019 quarter, partly due to an increase in average spending per visitor.
Over six months, January to June, Dolphin Cove Limited’s profits climbed 64 per cent to US$1.8 million. Revenue climbed from US$3 million to US$6 million.
Chairman Stafford Burrowes attributed some of the growth in revenues to lowered expenses due to efficiency measures that were put in place in 2020.
“Year to date profits increased from US$1.1 million to $1.8 million not only from increased revenue, but also due to management of our costs and expenses, as during Q2 the company spent 29 per cent less than in pre-pandemic Q2-2019,” he said.
Burrowes anticipates improved earnings performance over the second half of the year due to the expected seasonal increase in tourist visits.