SINGAPORE - Genting Singapore's first quarter net profit slumped 83 per cent to S$10.8 million from a year ago on a large foreign exchange loss, higher bad debt provisions, finance and other costs. A year ago, it had turned in a net profit of S$62.7 million.
For the first quarter ended March 31, its net profit plunged 56 per cent to S$40.2 million from S$91.7 million a year ago.
Gaming revenue fell 9 per cent to S$450.5 million as the group continued to tighten its credit policy and exercise caution with its VIP gaming business.
"In this connection, we have been prudent in providing for our gaming receivables.
"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," Genting added. Revenue slipped 5 per cent to S$608 million from S$639.2 million.
The casino operator reported earnings per share of 0.09 cents compared with earnings per share of 0.52 cents for the first quarter. No dividend was declared for the period.