May 20, 2013

Shang Properties income grows 20% in Q1; GPHC and Waterfront profits decline

Grand Plaza Hotel Corp. (GPHC) said its  first quarter  net income fell nearly  9% to P43.81 M as total revenues dropped nearly 2% to P184.55 M due to lower food and beverage revenue but offset by higher room and other  income.

GPHC owns the Heritage Hotel Manila, a deluxe hotel that offers 467 rooms and facilities like restaurants, ballrooms and a casino. Waterfront Philippines Inc.’s profits fell 26%  to P31.86  M in the first quarter due to lower occupancy rates, pushing revenues down 4% to P495.2 M due to the rapid rising of city hotels.

Waterfront operates Manila Pavilion Hotel. It also owns Waterfront Cebu City Hotel & Casino and the Waterfront Airport Hotel & Casino Mactan in Cebu and the Waterfront Insular Hotel Davao in Davao.

Shang Properties Inc.posted a 20% growth in its first quarter profits to P358.3 M.Consolidated revenues jumped 54.9% to P1.32 B, driven by higher sales from One Shangri-La Place as well as higher rental revenues. - WealthSec