Travellers International net profit drops in 16H1

Philippines-listed Travellers International Hotel Group Inc saw a drop in net profit for the six months ended June 30, according to a filing from Genting HK.

Travellers reported net profit of P1.8 billion ($38.6 million) in 16H1, down from P2.4 billion in 15H1.

While net revenue remained flat at P12.5 billion in 16H1, second quarter revenues increased 18.6 percent to P6.5 billion.

In a statement, the company said the second quarter improvement was mainly due to an increase in gross gaming revenues and decrease in promotional allowance.

Gross gaming revenue for 16Q2 increased 9.1 percent to P6.2 billion, up from P5.7 billion in 15Q2.

In July, the company announced it had completed its investment of the proceeds of its initial public offering, which has financed the phase two and three expansion of Resorts World Manila.

According to a filing to the Philippine Stock Exchange, the company said it had allocated approximately PHP 7 billion (US$149.7 million) as of June 30, 2016 to the phase two expansion program.

The expansion program includes the Marriott Grand Ballroom, the Marriott West Wing, and related facilities including an underground parking lot, dining facilities and a golfer’s terrace.