Trans World Corporation (TWOC) has reported a 63.89 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $1.91 million, or $0.20 a share in the quarter, compared with $1.17 million, or $0.13 a share for the same period last year.

Revenue during the quarter grew 24.99 percent to $13.16 million from $10.53 million in the previous year period. Gross margin for the quarter contracted 145 basis points over the previous year period to 46.79 percent. Total expenses were 80.06 percent of quarterly revenues, down from 85.08 percent for the same period last year. This has led to an improvement of 502 basis points in operating margin to 19.94 percent.

Operating income for the quarter was $2.62 million, compared with $1.57 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $3.13 million compared with $2.08 million in the prior year period. At the same time, adjusted EBITDA margin improved 406 basis points in the quarter to 23.77 percent from 19.71 percent in the last year period.

Mr. Rami Ramadan, chief executive officer, remarked, "In the third quarter, we saw healthy increases in drop per head, also known as increased player wagering, at all of our casinos, coupled with better consolidated win or hold percentage in live games. In addition to these improvements, we saw across-the-board increases in all gaming revenues, which contributed to superior total revenue, net income and EBITDA when compared with the same prior year third quarter. The business improvements at our casinos are largely due to exceptional customer service and effective entertainment programs that we strive to provide to all our guests. Despite the fact that we've had substantial revenue improvements, the increase in gaming tax rates that became effective in 2016 negatively affected our earnings and profit margins, which would have been much higher in the absence of such tax increases."