RESORTS World Manila operator Travellers International Hotel Group Inc. reported a 24-percent drop in first-half net income to P1.79 billion from P2.36 billion a year ago on lower gaming revenues and higher taxes.
In a report to Philippine Stock Exchange, the company said net revenues in the six months were flat at P12.45 billion from P12.47 billion a year earlier.
Travellers said tax payments in the first half rose to P226.1 million against P44.4 million last year while gaming revenues fell to P11.8 billion from P12.509 billion, although non-gaming revenues — income from hotel, food and beverage, and others — grew 16 percent to P1.9 billion.
Second-quarter net income rose to P638 million from P619 million last year while net revenues climbed to P6.53 billion from P5.5 billion.
“We anticipate that the local integrated resort industry will continue to grow as the Philippine economy continues to be strong and full of potential,” said Kingson Sian, Travellers’ president and chief executive officer.
Travellers International is owned by business tycoon Andrew Tan.