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Vietnam – Improved performance at Aristo helps Donaco record positive EBITDA of $5.06m in Q2

By - 30 January 2024

Donaco reported solid financial results for the second quarter of 2024, in line with the previous quarter, resulting in Group net revenue of A$9.73m, up from A$9.71m the previous quarter and EBITDA of A$5.06m.

Its two casinos saw stable visitation numbers following reduced border restrictions and government tourism campaigns.

Aristo International located in Vietnam near the Chinese border, continued to see an increase in revenue and EBITDA following the influx of tourism from China. Aristo recorded net revenue of A$3.61m, a 45 per cent increase from the September quarter’s A$2.48m and property level EBITDA of A$2.24m, an increase of 83 per cent from the A$1.22m from the September Quarter.

Star Vegas located in Cambodia, recorded net revenue of A$6.12m down from the previous quarter from
A$7.24m due to lower visitation.

Donaco has seen an increase in tourism for Aristo over the past 12 months as the borders with China have now fully reopened. This has allowed the company to capitalise on increased daily visitation numbers to the region, with tourism expected to grow even further over the next 12 months.

Donaco’s Non-Executive Chairman, Porntat Amatavivadhana, commented: “The December Quarter for Donaco represented a period of stringent financial management as the company continues to report robust financial and visitation numbers. Aristo outperformed expectations, resulting in considerable net revenue and property level EBITDA growth, and high levels of tourism coming back to the region following the reopening of borders between China and Vietnam.

“The tourism campaign recently launched by the Cambodian Government has also been successful, leading to increased visitation from Thailand over the past three months. After a promising first half of FY2024, I am optimistic about the remainder of the financial year as our operations continue to strengthen over the coming months. I am confident that Donaco will continue to leverage the rise in tourism to the region, and that our turnaround strategy will deliver solid results.”

Donaco has continued to navigate challenges and improve its financial stability. The company’s balance sheet remains robust and Donaco is well positioned for growth over the next 12 months. The company is seeing stable visitation numbers from international tourism at its operations, strategically situated near the Chinese and Cambodia-Thailand borders. Aristo is set to see increased tourism in 2025 following the opening of the Sapa airport in Lao Cai, located near the Aristo operation. Once opened, the airport is projected to increase visitation to the region by up to 1.5 million passengers annually, providing an influx of tourism.

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