Phu Tho Tourist (DSP) Posts Q1 2025 Net Loss of VND 6.8B as Land Rent Benefit Ends

Overview

Phu Tho Tourist (DSP), the operator of Dam Sen Park in Ho Chi Minh City, reported a net loss of VND 6.8 billion in Q1 2025, a 34% increase from the same period last year. The loss reversal follows a profitable quarter and is attributed to the expiration of a 30% land rent reduction and rising operating costs. Revenue reached VND 50.3 billion, the highest in nearly three years, but gross profit turned negative.

Key Facts

• Q1/2025 net loss: VND 6.8 billion, up 34% YoY.
• Revenue: VND 50.3 billion, up 8% YoY, a three-year high.
• Cost of goods sold: VND 66.3 billion, up 13% YoY.
• Gross loss: VND 16 billion, 33% higher than Q1/2024.
• Financial income: VND 14.8 billion, up 27.5% YoY.
• Advertising spend doubled to VND 1.2 billion.
• Accumulated losses: nearly VND 396 billion.
• Full-year 2025 target: revenue VND 237.25 billion, net loss VND 28.2 billion.

What Happened

Phu Tho Tourist (DSP) released its Q1 2025 financial statements, revealing a net loss of VND 6.8 billion, reversing a profitable Q4 2024. The company attributed the loss to the end of a 30% land rent reduction that had been in place in prior years, which pushed cost of goods sold up 13% to VND 66.3 billion. Despite an 8% revenue increase to VND 50.3 billion, the gross loss widened to VND 16 billion.

Other expenses also rose: selling and administrative costs increased 19% combined, with advertising spending doubling to VND 1.2 billion. Financial income improved 27.5% to VND 14.8 billion but was insufficient to offset the operating loss. The company’s accumulated losses now stand at nearly VND 396 billion.

Market Context

DSP trades on the Ho Chi Minh Stock Exchange (HOSE) in the tourism and entertainment sector. The stock has been under pressure due to persistent losses from its core asset, Dam Sen Park, while its water park affiliate (DSN) has performed better. The Q1 loss marks a setback after a brief profitable quarter, and the company’s full-year guidance implies continued losses. The broader Vietnamese tourism sector is recovering, but DSP’s cost structure remains challenged.

Strategic Significance

The expiration of the land rent reduction highlights DSP’s vulnerability to regulatory changes and fixed costs. Dam Sen Park, which accounts for 77% of planned 2025 revenue, remains a drag on profitability despite management’s focus on marketing and visitor experience. The company’s strategy to transform the park into a more attractive destination may take time to yield results. Meanwhile, the accumulated loss of nearly VND 396 billion raises questions about long-term financial sustainability without a turnaround in operations or asset restructuring.

What to Watch

• Q2 2025 earnings release for any improvement in gross margin or cost control.
• Updates on land rent negotiations or potential renewal of government incentives.
• Visitor numbers and revenue trends at Dam Sen Park during peak season.
• Any announcements regarding asset sales, partnerships, or restructuring.
• Full-year 2025 results against the target of VND 237.25 billion revenue and VND 28.2 billion net loss.