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Genting Singapore's Q3 profit falls 62%

Thursday, November 12, 2015 - 18:03
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People walk past a logo of Genting Singapore's Resorts World Sentosa in Singapore.

CASINO giant Genting Singapore's net profit for the third quarter ended September plunged 62 per cent to S$37.20 million from S$97.4 million a year ago.

Including S$29.7 million apportioned to holders of perpetual securities, net profit for the period plunged 47 per cent to S$67 million.

Revenue fell marginally by one per cent to S$636.1 million from S$644.8 million.

Earnings per share came in lower at 0.31 Singapore cents from 0.80 Singapore cents previously.

Resorts World Sentosa's (RWS) gaming revenue declined by 5 per cent as a result of a lower business volume in the premium business.

Its non-gaming business recorded a revenue growth of 10 per cent which the firm attributed to higher revenue from the attractions and hotel businesses.

During the quarter, the group recorded a favourable foreign exchange gain of S$113 million, which was offset by fair value loss from its portfolio investments.

As of end September 2015, this portfolio has been reduced significantly by 50 per cent, said the firm in the results announcement.

Genting Singapore shares slipped two Singapore cents or 2.4 per cent to finish at 81.5 Singapore cents on Thursday.

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