Travellers 18Q1 net profit falls due to mass decline

Resorts World in Manila
Resorts World in Manila

Travellers International Hotel Group, owner and operator of Resorts World Manila, saw its net profit fall 35.2 percent in 18Q1, reaching P444 million (US$8.5 million).

The company is a joint venture company between Philippines’ Alliance Global Group and Genting Hong Kong Limited.

Revenue for the group fell 14.8 percent in the quarter to P4.5 billion, while EBITDA fell to P839.7 million, down from P1.4 billion in the same period last year.

Travellers said the decline in revenue was due mainly to lower revenue in its non-VIP segment at RWM, as a result of lower gaming capacity and lower property visitation.

The lower revenue came through despite a 22.3 percent gain in its VIP segment, it added.