LUXURY resort developer Discovery World Corp. managed to reduce its net loss last year as revenues picked up amid the continued recovery in the tourism sector.

The net loss narrowed to P48.2 million in 2023 from the P74.3 million incurred a year earlier, Discovery World told the stock exchange in a recent filing.

Consolidated revenues were said to have climbed by 18 percent to P911.1 million from P774.6 million due to higher food and beverage sales from the group's operating resorts in Boracay, Aklan, and Coron, Palawan. The properties contributed P100 million.

The company currently gets its revenues from the operations of Discovery Shores Boracay, Club Paradise, Shoppes at Vanilla Beach, Discovery Fleet and Discovery Hospitality.

The total cost of sales and services increased by 17 percent to P538 million, from P458.6 million. The growth was said to be concurrent with the group's operational activities in 2022.

Operating expenses, which include salaries, employee benefits, outside services, promotional initiatives and other operating costs, widened by 26 percent year-on-year to P394.5 million.

As of the end of 2023, the hotel and resort operator's total assets reached P12.4 billion, while its total liabilities and total equity amounted to P6.8 billion and P5.6 billion, respectively.

In December, Discovery World announced plans to infuse additional investments into four wholly-owned subsidiaries: Cay Islands Corp., Lucky Cloud 9 Resorts Inc., One Davao Townships Corp. and Palawan Cove Corp.

The listed firm's share price rose by 23 centavos to P1.39 apiece on Monday.