Dolphin Cove springs back from state of emergency

Business reporter

Friday, August 24, 2018

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A slightly better performance over the period mid-May to June 30 has chairman and CEO of Dolphin Cove Stafford Burrowes convinced that the negative effect of the state of emergency has now run its course.

The Government of Jamaica earlier this year declared a state of emergency in Montego Bay, St James, as well as the St Catherine North Police Division, as a way of curbing crime in the parishes. The initiative, however, has negatively affected some businesses, including the marine park operator, which complained that since the implementation of the state of emergency, the company has experienced declines in revenue.

In its quarterly report ended June 30, Dolphin Cove reported a 12 per cent decline in revenue over the comparative period of 2017 to total US$3.6 million.

Burrowes reasoned that despite the dip in revenue, the company performed slightly better during the second half of quarter two 2018 compared to the same period in 2017.

“For the 12 months periods 1 July to 30 June, revenue showed a decrease of four per cent for the same reason. It appears that the negative effect of the state of emergency has now run its course,” Stafford told shareholders in an adjoining statement to company financials.

“The improvements to our facilities have strengthened relationships with our commercial partners as has the outstanding service provided by our staff, and this has mitigated the adverse effect of the state of emergency,” he continued.

Over the last two years the marine park operator has been executing a programme of upgrades and rebranding in anticipation of increased business from the hotel sector and more cruise calls by the Disney ship. As the upgrades continue, working capital of the company for the period under review declined as a result of the reduction in long-term liabilities and improvements and additions to fixed assets.

The company blamed increases in amounts due from related parties on increase in credit terms of its e-commerce entities, as well as the shelter fee being charged to its sister company, World of Dolphins Inc, for dolphins brought to Jamaica after the hurricanes that hit the British Virgin Islands last year.

“We expect an improvement in the collections from related parties during the third quarter based on the new agreement signed this year,” Stafford said.

He added that overseas and local projects of the marine park are still in the planning stages and are being developed to optimise the cost and benefits of the investments.

“We anticipate being able to provide a more definitive report on this matter in the third quarter of 2018,” he said.

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