Travellers International Hotel Group, Inc. Announces Consolidated Earnings Results for the Year Ended December 31, 2016
March 15, 2017 at 07:43 am EDT
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Travellers International Hotel Group, Inc. announced consolidated earnings results for the year ended December 31, 2016. For the year, the company reported net revenues of PHP 23,648,754,406 compared with PHP 24,216,681,861 for the same period a year ago. Operating profit was PHP 4,777,426,631 compared with PHP 4,758,992,232 for the same period a year ago. Profit before tax was PHP 3,462,841,022 compared with PHP 4,066,978,922 for the same period a year ago. Net profit was PHP 3,398,526,614 or PHP 0.22 per basic and diluted share compared with PHP 4,017,608,732 or PHP 0.26 per basic and diluted share for the same period a year ago. EBITDA was PHP 6,420.5 million compared to PHP 6,161.9 million for the last year. The increase in EBITDA was due to higher revenue from hotel and other operating income coupled with disciplined cost management implemented during the year.
Travellers International Hotel Group Inc is a Philippines-based developer and operator of Resorts World Manila, an integrated tourism resort in the Philippines. It is developing several new hotels and other gaming and non-gaming attractions at Resorts World Manila. Its offerings include hotels, restaurants, shopping, Newport cinemas, shows and events, nightlife and casino. Resorts World Manila is an approximately 11.5-hectare integrated tourism resort owned by the Company that is strategically located across from the Ninoy Aquino International Airport (NAIA) Terminal 3 (NAIA-3) in Pasay City, Manila and approximately five kilometers away from each of NAIA Terminal 1 (NAIA-1) and NAIA Terminal 2 (NAIA-2) and directly linked to Makati. The Companyâs subsidiaries include APEC Assets Ltd. (APEC), Bright Leisure Management, Inc., Grand Venture Management Services, Inc. Grand Services, Inc., Grand Integrated Hotels and Recreation, Inc. and Newport Star Lifestyle Inc.