LISTED hotel operator Waterfront Philippines Inc. (WPI) on Monday reported a 23.4-percent decline in first-quarter attributable net income despite posting higher operating revenues during the period.
In a regulatory filing, the company said net income attributable to equity holders of the parent fell to P80.71 million in the January-March period from P105.27 million a year earlier, while consolidated net income also declined to P74.00 million from P98.75 million.
Operating revenue increased to P476.65 million from P441.14 million a year earlier.
However, other income fell to P9.84 million from P98.70 million, resulting in gross revenue declining 10.4 percent to P486.49 million.
Operating expenses rose 3.4 percent to P343.06 million, which the company attributed to higher bookings and functions across its hotel properties. Meanwhile, other expenses declined 38.2 percent to P69.43 million, partly offsetting the increase in operating costs.
As of March 31, 2026, Waterfront's total assets stood at P23.99 billion, slightly lower than P24.59 billion at the end of 2025.
Total liabilities declined to P7.23 billion from P7.98 billion, while shareholders' equity increased to P16.75 billion from P16.61 billion.
Waterfront Philippines owns and operates hotel and integrated resort properties in Cebu, Mactan, Davao and Ilocos Norte.
The company’s shares on Monday closed unchanged at P0.49 each.
NAZYLEN JOY MABANGLO