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Genting Singapore Q1 profit up 3.3% to S$217.2m

GENTING Singapore posted a 3.3 per cent increase in net profit for the first quarter from S$210.2 million in the year-ago period to S$217.2 million, it said on Thursday evening.

This came despite the absence of a one-off gain of S$96.3 million from the disposal of the group's investment in South Korea in Q1 2017.

Excluding the one-off gain, the year-on-year growth in net profit after taxation would have seen a jump of 91 per cent for Q1 2018.

Earnings per share expanded to 1.8 Singapore cents from 1.51 Singapore cents in the previous year.

For the three months ended March 31, revenue rose 15.1 per cent to S$675.1 million from the previous year.

The gain in revenue came on the back of healthy growth in volumes across all major business segments, Genting Singapore said in its filing with the Singapore Exchange.

In its gaming business segment, its Singapore integrated resorts posted a revenue of S$507.4 million, up 17 per cent from the year-ago period.

"The ongoing strategy to focus on affluent regional business proved to be effective as the mass and premium mass business continued to deliver encouraging results," Genting said.

Universal Studios Singapore and SEA Aquarium experienced higher visitorship and an increased average spend, compared to the same period last year.

As such, its non-gaming business recorded a 10 per cent jump in revenue to S$167.1 million with daily average visitation exceeding 18,000 across the attractions.

Hotel occupancy achieved a high occupancy rate of 94 per cent.

Net asset value per share edged up to 63.6 Singapore cents as at March 31, from 61.8 Singapore cents three months ago.

Genting Singapore shares closed unchanged at S$1.16 on Thursday before the results were released.

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