Genting Singapore's Q3 profit halves to $97.4 million

Visitors enter the casino at Genting Singapore's Resorts World Sentosa, in Singapore, May 12, 2010. -- PHOTO: BLOOMBERG
Visitors enter the casino at Genting Singapore's Resorts World Sentosa, in Singapore, May 12, 2010. -- PHOTO: BLOOMBERG

SINGAPORE - Genting Singapore's net profit slumped 50 per cent from a year ago to $97.4 million for the third quarter, while revenues plunged 17 per cent to $644.8 million, as its premium player business underperformed due to a low win percentage.

Bad debt provisions for the third quarter fell to $39.7 million from $50.2 million a year ago; but for the nine months ended Sep 30, these jumped 41 per cent to $180 million from $127.4 million a year ago.

Earnings per share for the quarter was 0.8 cent, down from 1.58 cents a year earlier, while net asset value was 62.7 cents, compared to 60 cents as at Dec 31, 2013.

The group did not declare a dividend for the quarter.

Gaming revenue at Genting plunged 21 per cent in the third quarter to $477.3 million from a year ago.

Genting's rival, Marina Bay Sands, raked in net profit of US$351.7 million for the third quarter, down 5.9 per cent from a year earlier, while revenue was US$735.5 million due to a drop in casino revenues.

Genting's non-gaming revenues fell 2 per cent to $167 million, even though its average daily attractions visitation grew 10 per cent this quarter, from the second quarter, and its hotel business saw a 95 per cent occupancy with average daily room rates at $408.

141112 Genting earnings