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Hot stock: Genting soars after jump in Q3 net profit

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GENTING Singapore saw its shares rally more than 9 per cent on Friday, a day after the casino operator reported a surge in its third-quarter net profit.

At 10.29 am, Genting Singapore shares were hovering around S$0.83, up seven Singapore cents, or 9.21 per cent. A staggering 42.58 million shares changed hands, making it the second most actively traded stock after commodities group Noble.

Late on Thursday, the casino operator reported that earnings for the three months ended Sept 30, 2016 surged 187.2 per cent to S$106.9 million from the previous year's S$37.2 million. This came despite revenue dropping 8.6 per cent to S$581.5 million from S$636 million a year ago.

It said that its Universal Studios Singapore, SEA Aquarium and Adventure Cove Waterpark properties recorded a daily average visitation of over 20,000 people in the third quarter while occupancy rates across all its hotels "maintained strong occupancy rates of over 92 per cent".

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