Genting Singapore Q1 net profit skyrockets 17 times

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.