Genting Singapore swings into black with $143.3m net profit - issues 1.5 cents a share dividend

The casino entrance of Resorts World Sentosa.
The casino entrance of Resorts World Sentosa.PHOTO: ST FILE

Genting Singapore enjoyed a sterling second quarter, with a net profit of $143.3 million reversing from loss of $10.5 million in the same period last year.

The much improved bottomline was boosted by improved performance and a gain on disposal of its interest in the Jeju integrated resort in Korea.

The Singapore-listed casino operator said it completed the sale of its 50 per cent interest in the Jeju resort on Jan 3. This translated into a gain of $96.3 million.

Revenue jumped 24 per cent to $596.1 million on higher rolling win percentage in the premium player business and lower bad debts.

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Bad debts narrowed to $14.7 million for the quarter from $53.6 million a year ago.

For the quarter, adjusted Ebitda (earnings before interest, tax, depreciation and amortisation) jumped 152 per cent to $292.7 million from $116.1 million a year ago as "all major businesses registered stronger Ebitda on the back of improved operating margin ... and lower impairment of receivables", it added.

For the quarter, it reported earnings per share of 1.19 cents compared with loss per share of 0.09 cents. Net asset value came to 61.2 cents per share as of June 30, compared with 60.1 cents as of Dec 31, 2016.

The casino operator will pay an interim dividend of 1.5 cents a share. It did not declare any dividend at half time last year.