Donaco full-year revenue rises 897%

The company posted revenue of AU$24.33m (US$15.8m) for the financial year to June 30.

Australia.- Donaco International has reported that revenue for the fiscal year 2023 was AU$24.33m (US$15.8m), up 897 per cent year-on-year. The company’s earnings before interest, taxation, depreciation and amortisation (EBITDA) was a positive AU$9.61m (US$6.2m).

The second half of the fiscal year saw a turnaround, with improved revenue at DNA Star Vegas and Aristo International Hotel. After a period of limited activity due to the Covid-19 pandemic, both operations gradually resumed regular operations.

Star Vegas, which reopened on June 18, 2022, delivered net revenue of AU$19.92m (US$12.9m) and EBITDA of AU$10.82m (US$7m). The Aristo International Hotel in Vietnam delivered revenue of AU$4.4m (US$2.9m) and EBITDA of AU$1.53m (US$1m)..

The company recorded a non-cash impairment charge of AU$22.2m for the Aristo Hotel and a AU$4.5m impairment for Star Vegas.

Donaco’s non-executive chairman, Porntat Amatavivadhana, commented: “FY23 was a turnaround year for Donaco as we came out from the effects of the pandemic. I am proud of our management team and the whole staff for navigating through the year. Now that both Star Vegas and Aristo are returning to full-scale operations, our outlook is promising, and we’re targeting future earnings growth. 

“The travel flows between the Thailand/Cambodia and Vietnam/China borders are expected to continue to ramp-up and benefit our operations. Backed by a healthy balance sheet and solid strategy, we are well placed to capitalise on the emerging opportunities ahead and deliver sustainable growth for our shareholders.”