Dear Stockholders,
The year 2006 heralded many rewards for us not only in terms of financial gains but also in added brand recognition and deeper customer loyalty. Waterfront is not the brash new kid on the block any more but a solid, well-known contender in the industry.
Our total revenue last year increased from that of 2005 with earnings from hotel operations amounting to P1.85B, from P1.79B the previous year, and yielding a consolidated net income of P18.24M.
We also completed the extensive renovations undertaken to improve our hotels, especially our flagship, the Waterfront Cebu City Hotel and Casino, and the Manila Pavilion Hotel. To Cap this, we also undertook the management of G Hotel Manila by Waterfront, an upscale boutique hotel that aims to bring hospitality in the hotel industry to a new level. Because of these and our ceaseless efforts to better our facilities and services, we are now a major trade presence.
This is not the end of an exciting and fruitful journey, however, but its continuance. Despite the feats of the past year, let us not rest on our laurels. They were well earned but also hard-won. Let us make it our business to stay the course, keep our winning streak and relish this lucrative adventure to the fullest.
RENATO B. MAGADIA
CHAIRMAN OF THE BOARD
REXLON T. GATCHALIAN
PRESIDENT