Travellers’ Net Income Doubles to P5.45Billion
Pasay City — March 19, 2015: Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), reports a robust 2014 full year result as net income doubles to P5.45Billion on a Gross Revenue P31.6Billion.
Travellers focused on delivering quality earnings to its shareholders by channeling efforts to the growing core businesses and markets, while achieving operational efficiencies.
Key full year operational trends for 2014 include growth in volume in all segments except in the VIP segment, resulting from a deliberate move to be more prudent in the latter. Blended win rate showed a recovery and improved in the second half compared to the first half. The average number of gaming tables deployed was at 291, slot machines at 1,837, and ETG machines at 210.
The three hotels averaged occupancy rates of 89.0% compared to 71.0% in 2013. Revenues from hotel, food, beverage and others is at P3.19Billion, as the company continued to make full use of its facilities to drive gaming patronage.
“Creating shareholder value was our main objective for 2014 which we achieved through quality earnings and operating efficiencies,” said Kingson Sian, President, TIHGI.
The company’s financial condition remain strong with total assets increasing to P63.9Billion from P61.2Billion while total liabilities declined to P24.8Billion from 2013 level of P27.8Billion. The Company remained on a net cash position at P4.4Billion as of the end of 2014.
Travellers’ spent P5.9Billion in 2014 for its ongoing Phase 2 and 3 projects of Resorts World Manila. The Marriott Grand Ballroom is set to formally open in July of this year, while the Marriott West Wing, which will add 227 room keys, is due for delivery by the end of 2015. Phase 3 complex is slated for turnover by the end of 2017 as planned.
In September 2014, Travellers subscribed to 95% of the increased authorized capital stock of Resorts World Bayshore City, Inc. (RWBCI), the company that owns and shall operate the Bayshore City Resorts World in Entertainment City. Bayshore City Resorts World is targeted to be completed by the end of 2018.
“Travellers is confident in its ability to deliver sustainable growth, and shall continue to focus on delivering quality of earnings to its shareholders through the top line growth in revenues and expense management leading to continued expansion in its EBITDA and net income,” Sian added.
TRAVELLERS INTERNATIONAL HOTEL GROUP, INC.Office: +632 7908-8000
Fax: +632 7908-8107
FOR INVESTOR RELATIONS AND COMPLIANCEBernard Than
Chief Financial Officer, Investor Relations Officer, Corporate Information Officer, & Compliance Officer