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Genting Singapore turns in S$7.8m loss for Q4
CASINO operator Genting Singapore posted a net loss attributable to ordinary shareholders of S$7.75 million for the final quarter ended December 2015 from a profit of S$89 million a year ago.
Revenue slipped 14 per cent to S$547 million from S$638 million a year ago.
It made a quarterly loss per share of 0.06 Singapore cent versus earnings per share of 0.73 Singapore cent a year back.
Gaming revenue in the period under review slipped 19 per cent to S$374 million whereas for the full year, it was down 21 per cent to S$1.75 billion.
In an announcement to the Singapore Exchange, Genting Singapore attributed the fall in gaming revenue to lower VIP gaming market as it continued to tighten its credit policies.
The decrease in revenue was partially mitigated by lower operating costs and overheads, a result of various operational efficiency improvement initiatives, the firm added.
For the full year, net profit fell 85 per cent to S$75 million on the back of a 16 per cent dip in revenue to S$2.4 billion.
The counter closed unchanged at 70.5 Singapore cents on Thursday.