Visitor numbers also see an annual increase of 45%
UAE - DXB Entertainments (DXBE) has announced that its revenue for the first quarter of 2018 stood at Dh173 million, an increase of 10 per cent compared to the previous quarter.
The company also announced that visits reached 851,013, an increase of 45 per cent compared to the same period in 2017 and an increase of 55,000 visits compared to the last quarter of 2017. Lapita Hotel's average occupancy rose to 62 per cent in Q1 2018, compared to 22 per cent for the same period last year, and 48 per cent in the fourth quarter of 2017.
At the general assembly held in April, shareholders approved issuing convertible bonds amounting up to Dh1.235 billion to the company's majority shareholder Meraas. In addition, DXBE announced a partnership with Dubai Airports to promote Dubai Parks and Resorts at all DXB concourses.
Mohamed Almulla, CEO and managing director, DXB Entertainments, said: "This is a strong signal that our revised pricing and marketing strategy is delivering results. Growth in revenue was stimulated by robust visitor numbers, up 45 per cent in Q1 2018, compared with the same period last year, as well as record occupancy levels at the Lapita Hotel, averaging 62 per cent during the quarter.
"At the same time, our focus on cost optimisation has helped reduce our EBITDA loss to its lowest level to date. EBITDA loss for the quarter was Dh25 million, down from a Dh137 million loss in the same period last year, and a Dh70 million loss in the previous quarter. This is an 82 per cent improvement year on year and a 64 per cent improvement compared to the previous quarter," he said.
"We continue to see signs of improvement across the business. In April, we hit a new record daily visitation figure, with over 36,000 visits during the 'Big Day Out' festival."