DSP Q3 Loss Narrows to VND 15.3B as Dam Sen Operator Revenue Rises 12%

Overview

Phú Thọ Tourist (ticker DSP, UPCOM), the operator of Đầm Sen Park in Hồ Chí Minh City, reported a third-quarter net loss of more than VND 15.3 billion despite net revenue rising roughly 12% year-on-year to VND 50.4 billion. The result marks a sharp narrowing from the VND 55.3 billion loss booked in the same quarter last year, but the company remains loss-making at the gross-profit line and carries accumulated losses above VND 417 billion.

Key Facts

• Q3 net revenue: VND 50.4 billion, up about 12% year-on-year.
• Q3 cost of goods sold: more than VND 66 billion, exceeding revenue and producing a gross loss of nearly VND 15.6 billion.
• Q3 net loss after tax: more than VND 15.3 billion, versus a VND 55.3 billion loss a year earlier.
• Nine-month revenue: more than VND 147 billion, up about 8% year-on-year; nine-month net loss VND 28.1 billion versus nearly VND 70 billion a year earlier.
• Accumulated losses reached more than VND 417 billion as of end-September; equity slipped to VND 839.4 billion.
• Selling expenses rose to more than VND 1 billion from nearly VND 794 million; general and administrative costs rose to nearly VND 4.1 billion from nearly VND 3.4 billion.
• Management attributes the persistent operating loss partly to land-lease costs, which account for about 35% of total cost of goods sold.

What Happened

According to the company’s quarterly financial statement, Phú Thọ Tourist recorded net revenue of more than VND 50.4 billion in Q3, up about 12% from the prior-year period. Cost of goods sold, however, remained above revenue at more than VND 66 billion, leaving a gross loss of nearly VND 15.6 billion. Financial-activity income edged up to more than VND 5.3 billion but did not offset operating costs, with selling expenses rising to over VND 1 billion and general and administrative expenses to nearly VND 4.1 billion. After other income and expenses, the net loss after tax came to more than VND 15.3 billion.

In its explanation, the company said cost of goods sold, including land-lease costs at roughly 35% of the total, is the main driver of continued operating losses. For the nine months to end-September, revenue reached more than VND 147 billion, up about 8%, while the net loss was VND 28.1 billion, well below the nearly VND 70 billion loss in the same period last year. Accumulated losses rose to more than VND 417 billion, and equity declined slightly to VND 839.4 billion. Phú Thọ Tourist manages four business units: the Đầm Sen cultural park (Đầm Sen Khô), the Ngọc Lan - Phú Thọ hotel complex, the Đầm Sen tourism service centre, and the Vàm Sát mangrove eco-tourism area. It also holds an associate stake in Đầm Sen Water Park (DSN).

Market Context

DSP trades on UPCOM, the unlisted public market, and last closed at VND 14,200 on 20 October 2026. The stock sits in the travel and leisure sector, where domestic attraction operators face competition from well-funded urban entertainment complexes. The company itself cites competition from Suối Tiên, VinWonders Grand Park, Thảo Cầm Viên and Amazing Bay, and notes that new urban parks, pedestrian streets and shopping centres draw local visitors away with free or low-cost programming. The narrowing quarterly loss fits a broader pattern of Vietnamese leisure operators reporting revenue recovery while fixed land and asset costs keep margins under pressure.

Strategic Significance

For long-term holders, the central question is whether DSP can convert revenue growth into gross profit. The company has said product and service renewal is its priority this year, targeting Gen Z, Gen Alpha and family visitors to “revive” the Đầm Sen brand. Management also flags land-use rights and the 1/500 planning approval for Đầm Sen as the biggest bottlenecks preventing large-scale investment. Until those administrative constraints clear, the cost structure, anchored by land lease at about 35% of cost of goods sold, is likely to keep the operator structurally loss-making even as attendance improves. The associate stake in Đầm Sen Water Park remains a separate earnings lever.

What to Watch

• Q4 and full-year 2026 financial statement, to confirm whether the gross loss continues to narrow.
• Progress on land-use rights and the 1/500 planning approval for Đầm Sen, which management calls the largest barrier to large-scale investment.
• Revenue and visitor trends from the product-renewal push aimed at Gen Z, Gen Alpha and families.
• Equity and accumulated-loss trajectory, given accumulated losses of VND 417 billion against equity of VND 839.4 billion.
• Any disclosure on the Đầm Sen Water Park (DSN) associate contribution.