Genting Singapore's Q1 earnings plunge 83% to S$10.8m

WEAKER gaming revenue from its Singapore integrated resort (IR) and a drop in other operating income battered casino operator Genting Singapore's first-quarter earnings.

Net profit for the three months ended March 31, 2016, plunged 83 per cent to S$10.84 million from the previous year, the group said in a Singapore Exchange filing on Friday.

Turnover fell 5 per cent year on year to S$608.01 million, dragged down by a 9 per cent slide in Singapore IR gaming revenue to S$450.54 million.

"We continue to exercise caution with our VIP gaming business. In this connection, we have been prudent in providing for our gaming receivables," the group said in its statement.

"Our mass gaming market segment started 2016 on a better note with strong electronic gaming machines performance. We have seen encouraging progress with the implementation of our new marketing strategies to grow the foreign premium mass market."

Earnings per share for Q1 came in at 0.09 Singapore cent, down from 0.52 Singapore cent for the year-ago period. Group net asset value was 61 Singapore cents as at March 31, unchanged from as at Dec 31 last year.

Genting Singapore shares slipped 1.5 Singapore cents to end at S$0.785 on Friday before the results were announced.