Travellers on track with expansion, bullish moving forward
Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), reported during the company’s annual stockholder’s meeting today that it will continue with its aggressive expansion projects as net income doubled to P5.4 billion in 2014 from 2013 and continued to grow in Q1 2015, with a P1.7 billion net profit.
TIHGI President and Chief Executive Officer Kingson Sian said, “Our ongoing improvements and expansion continue, and much remains to be done. The good news is we made significant progress and built momentum last year which has put the company in a good position in 2015 and beyond.”
In Q1 2015, TIHGI continued to pursue quality of earnings and operating efficiency while growing its stronghold in the international and non-VIP segments. The company also maintained a strict financial discipline with a strong net cash position of P4.9 billion.
Sian revealed that the ongoing expansion also complements the growth of Philippine tourism which remains bullish, with around 1.4 million international visitor arrivals for the first quarter of 2015, on track to meet the 5.5 million foreign arrivals target for the year according to the Department of Tourism (DOT).
In anticipation of more visitors and as part of its long term plan, TIHGI will increase its hotel capacity to approximately 4,200 rooms in the next four years from the existing 1,226 rooms, with the on-going construction of extensions to the Marriott and Maxims Hotels, and the development of new hotels — Hilton Manila Hotel, Sheraton Hotel Manila, and Belmont Hotel among others.
Also part of the plan is to capture a significant share of the Meetings, Incentives, Conventions, and Exhibitions (MICE) market with the recent opening of the Marriott Grand Ballroom (MGB), the largest hotel ballroom in the country with a capacity of 4,000 in a theater style set-up.
Construction work on Phase 1 of Bayshore City Resorts World, TIHGI’s second property located at Entertainment City in Paranaque City, is currently ongoing.
“We remain on track towards sustainable growth focusing on delivering quality earnings to our investors and shareholders,” concluded Sian.
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