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Genting Singapore reports 43% drop in Q2 net profit

Published on Aug 11, 2012 6:00 AM
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File photo of the casino entrance of Resorts World Sentosa on dated Jan 24, 2011. Higher expenses and lower gaming revenue dragged down Genting Singapore's net profit drastically in the second quarter, its worst performance since Resorts World Sentosa (RWS) opened in February 2010.  -- ST PHOTO: JOYCE FANG

Higher expenses and lower gaming revenue dragged down Genting Singapore's net profit drastically in the second quarter.

The group's net profit fell by 43 per cent to $138.5 million in the three months ending June 30.

Although net revenue fell by just 3 per cent to $702.2 million, profits were hit by the pre-opening of RWS' West Zone which is expected to open by the end of the year.

In a conference call on Friday, the president and chief operating officer of Genting Singapore and RWS' chief executive, Mr Tan Hee Teck, said that expenses rose due to hiring of some 1,300 employees and because the aquarium at the upcoming Marine Life Park is costly to run.

 
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