Travellers International’s net profit in 2013 dipped 59% to P2.74B
MANILA, Philippines — Travellers International Hotel Group Inc., developer and operator of integrated gaming and tourism estate Resorts World Manila, posted a 59-percent decline in net profit in 2013 to P2.74 billion on financing costs and mark-to-market losses on its US dollar-denominated bond.
Travellers – led by a partnership between the group of tycoon Andrew Tan and the Genting group of Malaysia – reported to the Philippine Stock Exchange on Thursday that net revenues increased by 5 percent primarily from an improvement in gross gaming revenues (GGR).
Full-year GGR went up by 6.9 percent to P30 billion. On the other hand, revenues from hotel, food, beverage and others expanded by 17 percent to P2.5 billion or 17 percent as all hotels in Newport City posted higher occupancy rates.
“The success of (Travellers’) IPO demonstrates the global investment community’s belief in the Philippine tourism and entertainment sector and in particular, Travellers, as the vehicle to take on the strong macroeconomic growth potential of the Philippines,” said company president Kingson Sian.
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