Genting Singapore's net profit up 35% in Q3

SINGAPORE - Genting Singapore's net profit jumped 35 per cent year-on-year to S$143.79 million (S$196 million) for the third quarter ended June 30.

Revenue rose 8 per cent to S$629.87 million supported by a stronger VIP and premium mass business volume, while earnings per share clocked 1.2 cents, up from 0.89 cent in the corresponding quarter a year ago.

Operating profit increased 24 per cent to S$226.08 million on the back of higher revenue as well as an 11 per cent drop in the cost of sales.

"Adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) rose 37 per cent year-on-year to S$320.11 million underpinned by an improved operating margin and lower net impairment on receivables as a result of a more measured credit policy," the gaming group said.

Its attractions business saw "higher average visitor spend" and "a 5 per cent growth in the daily average visitorship, that exceeded 21,000".

Meanwhile, its hotel business had an average occupancy rate of 93 per cent.

Genting Singapore shares rose 1 cent to S$1.235 before the announcement was made after market close.