DXB Entertainments’, which owns and operates the Dubai Parks and Resorts theme park, net loss for 2020 widened over 215 per cent to Dh2.7 billion as compared with Dh855 million in 2019 due to Dh1.7 billion impairment losses on property and equipment.
The jump in losses was also attributed to Dh346 million of non-cash depreciation.
The company reported revenue of Dh144 million, 71 per cent lower than Dh491 million in 2019. Theme parks remained the highest contributor to total revenues, with Dh97 million, followed by Lapita and Riverland revenues of Dh38 million and Dh7 million, respectively.
Operating costs declined 49 per cent to Dh285 million in 2020 year-on-year, driven by temporary cost mitigation measures while the destination was closed, as well as from the impact of the cost efficiency plan implemented in 2019. Management will continue to focus on identifying and implementing further operating cost savings progressing into 2021…