Dolphin Cove - Negril, Westmoreland

[TDowl]

Dolphin Cove targeting Carnival Cruise to boost guest numbers









Dolphin Cove says its profits in 2010 fell 35% below the previous year.
Profits at the company last year stood at $69 million compared with $105 million in 2009.
However, the company said it is counting on greater marketing with cruise lines and tax remission from its listing on the Junior Stock Exchange to boost profits again, this year.
The company, which opened its Negril, Westmorland subsidiary to complement its offering in Ocho Rios, St. Ann in August last year, said its revenues rose 11% to $620 million in 2010.
Those revenues are expected to be boosted this year.
The company says it will start to benefit in May, from a proposal for Carnival Cruise to market tours to its Negril facility, in packaged sales.
Already, for January and February, the company says revenues have totaled $180 million, which is up 26% over the same two months for 2010.



Fri. Apr.01,2011 6:41pm

[TDowl]

Sass, how come these Very Bright people build Dolphin Cove in Point, Lucea, Hanover, and then market it as in Negril, Westmoreland?

Unless they do have one in Negril that I don't know about, it is not like saying "Little Ochie".

[Assasin]

foriegner don't know Hanover or Lucea. It is either Mobay or Negril. Plus remember that Jamaica is market base on tourist destinations, Negril, Mobay, Ochi, Port Antonio and Kingston. So if you within a 20 mile radius of those destination they class themselves as such.

[Exile]

Isn't Dolphin Cove a Jamaican franchise?

[Assasin]

yeah but most of their client's are not.

Not many Jamaicans will spend 80 dollars US to go in. It is easier to market Negril than Lucea or Hanover. Funny thing is the Hotel up the road Fiesta advertise itself as Montego Bay.

[Exile]

There is some beautiful land between Mobay and Lucea to Negril...nice rolling hills...beautiful bays and beaches....regrettably the bridges prevent a view of the streams and rivers below....

[Islandman]

Lovely scenery. I always enjoy the drive from Negril to MoBay especially on a Sunday.

[Exile]

Prettier on a Sunday? People more dress up? Or less traffic? Lol.

[Assasin]

yeah very nice scenery.

[TDowl]

Foreigner Don't Know Hanover -This writer Thinks Otherwise

Revenues increasing at Dolphin Cove Hanover marine park
Cruise ship support expected to further boost sales
BY ALICIA ROACHE Sunday Finance reporter roachea@jamaicaobserver.com
Sunday, April 03, 2011

THE Hanover marine park of Dolphin Cove, the newest addition to the tourism attraction, has seen increasing sales since its opening in August 2010, even though cruise ship support has not yet materialised for the location, says Dolphin Cove CEO Stafford Burrowes.
Burrowes said that with Phase One of the park completed, attraction revenue increased from $11.8 million in December 2010, to $14.2 million in January and $15.3 million in February 2011 without cruise ship support.
Dolphins put on a show at the Dolphin Cove marine park in Ocho Rios, St Ann.


Dolphins put on a show at the Dolphin Cove marine park in Ocho Rios, St Ann.


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The company's audited end-of-year financial statements for December 31, 2010 showed also that total revenue for the Hanover location was $22.2 million since its start, up to the year-end.
According to Burrowes, the August to December period is the slowest time of year for the tourism industry and the new facility was not included in tours offered by the cruise shipping lines during the period. However, Dolphin Cove should begin to receive cruise ship visitors to the park by May this year as plans are in place to sell the attraction to the Carnival Cruise ship line.
The Falmouth Pier, which is also expected to supply visitors to the location, opened earlier this month, with Oasis of the Seas, the world's largest cruise ship docking at the pier on March 22.
Additionally, construction of Phase Two of the Hanover marine park has begun and should be completed for the next winter tourist season, Burrowes outlined.
However, the Ocho Rios park, the flagship location for Dolphin Cove, saw revenues of $180.5 million between January to February 2011, a six per cent increase over the corresponding period of 2010. Burrowes noted that the opening of the new facility in Hanover did not result in a reduction of guest numbers at the Ocho Rios Park.
Total revenues for the Group increased six per cent to $879.6 million for the period, but profit after tax fell 34 per cent to $69.2 million, $35.6 million less than that recorded in 2009. Burrowes said the profitability was affected by income tax expense, a factor the Group may not have to contend with in coming years.
"The most significant impact on the Group's profitability in 2010 compared to 2009 was the income tax expense of $37.6 million, representing an effective tax rate of 35.2 per cent. For the next 10 years, the company will benefit from tax remissions as a result of being listed on the Junior Market of the Jamaica Stock Exchange (JSE) for the prescribed period," Burrowes noted.
The company became the seventh to be listed on the Junior Stock Exchange and the first tourism company to do so on December 22 last year, therefore it would not have seen the effects of the tax credit in the end-of-year financial results. The Dolphin Cove IPO raised $240 million to fund expansion. The listing was the largest so far on the Junior Market.
Despite a decline year-on- year, Burrowes is confident that the company has performed creditably. "The Group has produced satisfactory profits, with a pre-tax return on equity of 12.5 per cent (2009:13.3 per cent) and pre-tax profit margin of 12.1 per cent of sales (2009:13.2 per cent) considering the start-up of the new park," said Burrowes. The company incurred a loss at start-up of $12.5 million, which Burrowes said was in keeping with expectations.