Travellers hits P2.8 billion net profit in nine months
Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), reported unaudited consolidated financial results of P20.4 billion gross revenues for the first nine months of 2015. The Company remains profitable with a net profit of P2.8 billion and EBITDA at P4.9 billion, even with the various ongoing expansion projects in place.
Gaming Revenues contirbuted P17.9 biliion while hotel, F&B, and other revenues increased 6% to P1.7 billion compared to the same period last year. Hotel occupancy remains strong with all three hotels, Maxims Manila Hotel, Remington Hotel, and Marriott Hotel Manila registering average occupancy rate of above 85%.
Company expenses improved as direct costs remain flat at P7.8 billion while general and administrative expenses decreased by 30% to P6.3 billion. Finance costs amounted to P1.1 billion majority of awhich pertains to unrealized foreign exchange losses amounting to P692.7 million related to its USD300.0 million bond.
Total assets grew by 8% to P69.0 billion while total liabilities increased by 14% to P28.2 billion due to increases in trade and other payables and bond payables due to a depreciating Philippine Peso.
“The local industry is still growing and presents a lot of opportunities,” said Kindson Sian, President and CEO, TIHGI. “Even as we continue to ramp up our expansion in Resorts World Manila simultaneous with the development of Westside City Resorts World, a P65 billion 31-hectare project at Entertainment City in Paranaque City, we remain profitable and confident of the prospects of the industry.”
Currently, RWM’s Phase 2 expansion is almost complete with the Marriott Grand Ballroom, which will host part of the APEC Summit, now fully operational. The Marriott West Wing, which will add 228 hotel rooms, is on track for completion early next year. Phase 3 of RWM is scheduled to go be completed by the end of 2017 and will consist of three hotels, adding a total of 936 hotel rooms – the Hilton Manila, the Sheraton Manila Hotel, and six basement parking decks.
TRAVELLERS INTERNATIONAL HOTEL GROUP, INC.Office: +632 908-8000
Fax: +632 908-8107
FOR INVESTOR RELATIONS AND COMPLIANCEBernard Than
Chief Financial Officer, Investor Relations Officer, Corporate Information Officer, & Compliance Officer