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Travellers’ Net Profit at P4.0 billion, 12% improvement over same period in 2013

Posted on: November 17, 2014

Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), reported unaudited consolidated financial results for the first three quarters ending September 30, 2014, with a net profit of P4.0 billion. a 12% improvement over the same period in 2013, This is a 46% improvement over fiscal year 2013.

For the three months ended September 30, 2014, TIHGI posted total gross revenues of P8.0 billion, up 4.7% over the same period in 2013 and 9.9% over second quarter of 2014. Gaming revenues contributed P7.2 billion of gross revenues, with hotel, F&B, and other revenues at P772.3 million.

The Company’s gross gaming revenues for the three months ended September 30, 2014 registered a 6.2% improvement versus the same period last year and a 13.2% improvement compared to the three months ended June 30, 2014 with the improvement in win rate which is seen to continue to the next quarter.

Hotel occupancy for three months ended September 30, 2014 remains solid with all three hotels, Maxims, Remington, and Marriot registering occupancy rate of 89%, 95% and 83%, respectively. Total room count for the three hotels is at 1,226.

Company expenses for the three months ended September 30, 2014 remain in check with promotional allowances at P784.8 million or at 10.9% of the gross gaming revenue. Direct cost is at P1.9 billion, and general and administrative expenses at P2.9 billion.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the three months ended September 30, 2014 reached P2.8 billion or 41.6% higher compared to the P2.0 billion reported in the same period last year. EBITDA for the three quarters ended September 30, 2014 is at P7,486.5 million or 15.1% higher compared to the P6,502.4 million reported in the same period last year.

Travellers remains on net cash position at P4.8 billion as of September 30, 2014.

In an earlier disclosure in September, Travellers announced the infusion of P4.0 billion in paid-in capital to Resorts World Bayshore City, Inc. (RWBCI) following the completion of subscription to 95% of RWMBCI’s shareholdings. RWBCI will own and operate Bayshore City Resorts World, the company’s integrated resort complex at Entertainment City. Groundbreaking on October 1 signaled the start of the construction in the said property. RWBCI sha have for its Phase 1, between 1,200 to 1,500 hotel rooms from Genting Grand, Crockfords, Westin and Okura. It is expected to be completed in 2018.

Meanwhile, Travellers’ Phase 2 and 3 projects at Resorts World Manila are on track. Phase 2 involves the expansion of the existing Marriott Hotel Manila with the construction of Marriott Grand Ballroom, as well as additional rooms through the Marriott West Wing. The Grand Ballroom is scheduled for commercial operations by March 2015, while the Marriott West Wing will be operational by 2016. Phase 3 consists of three hotels – the Hilton Manila and the Sheraton Hotel Manila, as well as an extension of Maxims Hotel. Phase 3 shall also include a new gaming area, additional retail space and six basement parking decks. Phase 3 is estimated to be completed by 2017.


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