Resorts World books 350% profit surge
The operator of Resorts World Manila, an integrated gaming complex in Pasay City, saw a big profit jump in the first semester of 2018 led by non-operating earnings.
Travellers International Hotel Group Inc., a venture between billionaire Andrew Tan’s Alliance Global Group Inc. and Malaysia’s Genting Group, said those gains helped the company post a 350-percent surge in net income to P1.69 billion from January to June despite lower revenues and relatively stable costs.
Travellers International, in its filing with the Philippine Stock Exchange, said earnings were propped up by P2.32 billion in non-operating income. This, compared with some P666.8 million in expenses last year. The firm made note of “other non-operating income” amounting to P1.47 billion, versus a loss of P158.8 million during the same period last year.
In explaining the non-operating gain, the company pointed to its commitments and contingencies as a provisional licensee of the Philippine Amusement and Gaming Corp.
The profit jump came even as the company saw gross revenues slip lower by 1.5 percent to P11.05 billion. Gaming revenues were down 2.6 percent to P9 billion as the company closed a gaming floor that was the site of a deadly attack on June 2, 2017.
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