Travellers H1 net profit boosted by non-operating income

Travellers International Hotel Group, the company operating Resorts World Manila in partnership with Genting Hong Kong, reported a 352.5 percent rise in net profit for the six months ended June 30, 2018, reaching P1.7 billion (US$31.8 million).

Company EBITDA for the six months amounted to P1.6 billion, down 28.2 percent from P2.2 billion in the prior year period.

Gross revenues for the six months amounted to P11.1 billion, down 1.5 percent from the prior year period.

Travelers said the decline in gross revenues was due to the closure of the second-floor gaming area as a result of the June 2 attack in 2017.

VIP drop increased by 4.1 percent, however, mass tables and slots fell slightly in the half year.

On the other hand, the company made gains in its non-operating income, which amounted to P1.6 billion in the 18H1, compared to an expense of P666.8 million in 17H1.

Travelers said the increase was due to unrealized foreign exchange gains in connection with the company’s foreign currency denominated deposits and recognition of one time non-operating gain during the first half of 2018.

The company also reported gains from its non-gaming segment, with revenue from hotel, food, beverage and others up by 4.4 percent to P1.5 billion, and other operating income up 22.9 percent to P290 million.