Genting Singapore announces $17 million loss in Q2 earnings

Genting Singapore, which owns Resorts World Sentosa (above), announced a $17 million loss in Q2 earnings.
Genting Singapore, which owns Resorts World Sentosa (above), announced a $17 million loss in Q2 earnings.PHOTO: ST FILE

SINGAPORE - Genting Singapore's second quarter earnings swung into the red with a net loss of S$16.9 million to ordinary shareholders, from net profit of S$102.3 million a year ago.

Including S$29.4 million apportioned to holders of perpetual securities, net profit for the second quarter plunged 91 per cent to S$12.5 million from S$131.7 million a year ago.

"The group's net profit for the quarter was also affected by fair value loss from our portfolio investments that is related to unfavourable market conditions in gaming industry. As of this quarter, this portfolio has been significantly reduced, with realised net gains over the lifetime of these investments," Genting Singapore said.

Revenue slipped 23 per cent to S$578.1 million from S$751 million.

The casino operator reported loss per share of 0.14 cent from 0.84 cents. No dividend was declared for the period.

gleong@sph.com.sg