Genting Singapore turns in Q4 loss

Genting Singapore, which owns Resorts World Sentosa, reported a net loss of $7.8 million for the fourth quarter.
Genting Singapore, which owns Resorts World Sentosa, reported a net loss of $7.8 million for the fourth quarter. PHOTO: ST FILE

SINGAPORE - Genting Singapore's fourth quarter earnings swung into the red with a net loss of $7.8 million partly due to higher finance costs. A year ago, it had turned in a net profit of $89.2 million.

For the full year ended Dec 31, its net profit plunged 85 per cent to $75.2 million from $517.3 million a year ago.

Gaming revenue fell 19 per cent to $374 million as a result of a lower premium business volume as the group continued to tighten its credit policy.

"2015 has been a challenging year for the Asian gaming industry. Despite the negative environment, the group achieved an adjusted Ebitda of $915 million. Our focus remains on developing the regional premium mass and mass gaming business," Genting said.

Revenue slipped 14 per cent to $547.4 million from $637.9 million.

The casino operator reported a loss per share of 0.06 cents compared with earnings per share of 0.73 cents for the fourth quarter. A dividend of 1.5 cents per share was declared for the period.