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Travellers International Hotel Group net profit down 26.2 percent in 2015

Travellers International Hotel Group, owner and operator of Resorts World Manila, has reported a decline in net profit to P4 billion (US$86.4 million) in 2015 from P5.4 billion in 2014, according to a recent submission to the Philippine Stock Exchange.

The operator, which is owned 44.9 percent by Genting HK, reported net revenue at P24.6 billion in 2015. Hotel, and F&B increased 9 percent to P2.5 billion, as the company expands its non-gaming facilities to support its gaming business.

Gaming revenue was down, coming in at P24.2 billion in 2015 compared to P28.4 billion in the year before. The company said there was a drop in volume for the mass segment by 2.7 percent while VIP contracted by 31.7 percent.

Other operating income, which include revenue derived from the Newport Performing Arts Theater, rental income for the mall and commercial office space rentals, income from cinema, laundry, spa and others, was up slightly, from P922.4 million in 2014 to P1 billion in 2015.

Travellers International Hotel Group said it was focused on building on mass and premium mass segments in 2015.

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