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Travellers on track with net profit of P1.7billion in Q1 2015

Posted on: May 18, 2015

Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), reported unaudited consolidated financial results for the quarter ended March 31, 2015 with a net profit of PHP 1.7 billion, up 2% from the same period last year on gross revenue of PHP 7.6 billion, while EBITDA is at PHP 2.4 billion.

TIHGI continues to pursue quality of earnings and operating efficiency while growing its stronghold in the mass and retail segment. Gaming revenues contributed PHP 6.8 billion of gross revenues, with hotel, F&B, and other revenues at PHP 780.5 million.

Underscoring the consumers’ and tourists’ preference for a fully integrated offering, daily property foot traffic strengthened at 20,229, a 9% increase from the same period last year, despite prolonged holidays during the Pope’s visit, Holy Week, and the temporary inconveniences caused by the ongoing skyway construction.

Hotel performance for the first quarter of 2015 remains solid with all three hotels – Maxims Manila Hotel, Remington Hotel, and Marriott Hotel Manila registering occupancy rate above 85%. Total room count for the three hotels remains at 1,226.

Total expenses for the quarter remain in check, as direct cost fell 2.9% to PHP 2.2 billion while general and administrative expenses fell 11.8% to PHP 2.7 billion as a continuing positive effect of customer segment focus and operating efficiency initiatives.

TIHGI also maintained its net cash position at PHP 4.9 billion for Q1 2015, while supporting the company’s aggressive expansion projects. Interest bearing loans and notes remain at the same level of P 13.5 billion.

“We continue to fast track our expansion by simultaneously developing RWM’s Phase 2 and 3,” said TIHGI President and Chief Executive Officer Kingson Sian. “For Phase 2, Marriott Grand Ballroom, the largest ballroom in the country opened its doors to the public in April 2015, while the Marriot West Wing will be completed by the first quarter of 2016. Phase 3 consists of three hotels – the Hilton Manila and the Sheraton Manila Hotel, as well as the new wing of Maxims Hotel. It will also include a gaming area, additional retail space and six basement parking decks by the end of 2017. Total hotel room count for Phases 2 and 3 upon completion will be 1,164.”

Bayshore City Resorts World, located at Entertainment City in Paranaque City is going full blast following the ground breaking in October 2014.


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