Travellers’ 9-mo profit up 12%

MANILA, Philippines - Travellers International Hotel Group Inc., the owner and operator of Resorts World Manila, grew its nine-month net profit by 12 percent to P4.01 billion from a year ago on lower finance costs and expenses.

Total revenues reached P23.53 billion from January to September, down 14.1 percent from the same period last year.  The bulk of which or P20.79 billion comprised revenues from gaming operations, representing a decline of 14.1 percent over the previous year.

The drop in revenue was largely due to the company’s sluggish performance in the first half.

Travellers said it would have shown a healthier growth had the normal win rate been achieved.

“The company’s gross gaming revenues would have been P24.67 billion assuming a normal win rate was attained in the first three quarters of 2014,” Travellers said in a financial report submitted to the Philippine Stock Exchange.

Total table count increased from 287 in 2013 to 292 as of the end of September this year while the number of slot machines increased to 1,788 from 1,760.

Revenues from hotel, food and beverage and other revenues likewise decreased to P1.65 billion as the company made use of its facility to complement the various promotions and events of its core business.

Hotel occupancy, however, remained solid with all three hotels, Maxims, Remington, and Marriott registering a high occupancy rate of 89 percent, 95 percent and 83 percent, respectively. As of the end of September, Travellers had a total room count of 1,226.