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

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.

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.