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Genting Singapore Q1 net profit skyrockets 17 times

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GENTING Singapore's Q1 net profit for 2017 was 16.7 times higher than in the first quarter of 2016, standing at S$181.1 million for the quarter ended March 31, it reported on Friday.

GENTING Singapore's Q1 net profit for 2017 was 16.7 times higher than in the first quarter of 2016, standing at S$181.1 million for the quarter ended March 31, it reported on Friday.

Total net profit including holders of perpetual capital securities was S$210.17 million, driven by lower impairment of receivables with a measured credit policy and a commission fee model incentivising early repayment. Adjusted Ebitda (earnings before interest, tax, depreciation and amortisation) improved 47 per cent, aided by the same lowered receivables impairment and cost-efficiency initiatives.

Revenue recorded an overall 4 per cent drop to S$586.6 million, while earnings per share jumped to 1.51 Singapore cent from 0.09 cent in the corresponding quarter of the previous year.

Genting Singapore shares closed trading unchanged at S$1.08 shortly before results were released.

sentifi.com

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