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Genting Singapore in the black with Q4 profit of S$159.19m

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GENTING Singapore swung into the black with a net profit of S$159.19 million for the fourth quarter ended Dec 31, 2016, compared to a net loss of S$7.75 million a year ago.

GENTING Singapore swung into the black with a net profit of S$159.19 million for the fourth quarter ended Dec 31, 2016, compared to a net loss of S$7.75 million a year ago.

Revenue was two per cent higher at S$557.66 million while earnings per share came to 1.33 Singapore cents, versus losses per share of 0.06 cent a year ago.

"The group delivered 29 per cent year-on-year growth in adjusted earnings before interest, tax, depreciation and amortisation (adjusted Ebitda) at S$233.7 million," said Genting. "Resorts World Sentosa generated revenue of S$557.1 million and adjusted Ebitda of S$235.5 million, a significant improvement of 30 per cent as compared to the fourth quarter of 2015."

"This achievement was largely contributed by higher gaming revenue as a result of higher rolling win percentage in the premium player business and the revised strategy to focus on better margin business," it added.

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For the full year, net profit rose from S$75.19 million a year ago to S$266.35 million, while revenue fell 7 per cent year on year to S$2.23 billion.

Genting's directors have recommended a final dividend of 1.5 Singapore cents per share.

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