Genting Singapore's first quarter net profits surge 77% to $257.6 million

Genting Singapore - the casino operator that runs the Resorts World Sentosa (RWS) integrated resort - has posted a record 77 per cent surge in first-quarter net profit attributable to shareholders of $257.6 million, up from $145.4 million a year earlier.

The group did not declare any dividend for the quarter.

Revenue jumped 24 per cent to $828.8 million from $669.6 million.

The mainboard-listed company's core earnings - measured by adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) - came in at $400.3 million, a whopping 60 per cent surge from $249.7 million a year earlier.

Gaming revenue for the first quarter jumped 29 per cent to $671.9 million from $521.2 million a year ago.

Earnings per share for the first quarter worked out to 1.86 cents, up from 0.95 cents a year earlier.

Genting said in a statement : "Our flagship property Resorts World Sentosa achieved significant year-on-year growth on the back of higher rolling volume. Looking ahead however, we will closely monitor the economic developments in the region as the environment appears to be more challenging. We have to dynamically calibrate our credit policies and balance our marketing thrust. Operational profitability remains our priority."

"In the face of increasing regional competition, we are streamlining our resort operations and implementing new initiatives to enhance our customer service. We also continue to refresh our offerings and introduce new products. In 2014, our guests can look forward to new attractions in our promenade area and a new exciting attraction in Universal Studios Singapore."

The casino operator added that its 550-room Jurong hotel is slated to open in the middle of next year.