Genting Singapore's Q1 profit up 3.3% to $217.2m

Poppy & Branch at TrollsTopia, Universal Studios Singapore's new attraction. Universal Studios Singapore and SEA Aquarium experienced higher visitorship and an increased average spend, compared with the same period last year.
Poppy & Branch at TrollsTopia, Universal Studios Singapore's new attraction. Universal Studios Singapore and SEA Aquarium experienced higher visitorship and an increased average spend, compared with the same period last year.PHOTO:RESORTS WORLD SENTOSA

Improved results posted despite lack of one-off gain like a year ago

A better performance across the board helped Genting Singapore lift earnings in the first quarter.

Net profit rose 3.3 per cent to $217.2 million in the three months to March 31, it said yesterday.

This came despite the absence of a one-off gain of $96.3 million from the disposal of the group's investment in South Korea in the first quarter last year.

Excluding the one-off gain, the year-on-year growth in net profit after taxation would have been 91 per cent. Revenue rose 15.1 per cent to $675.1 million from the previous year. The increase came on the back of healthy growth in volumes across all major business segments, Genting Singapore said.

Its Singapore integrated resorts posted revenue of $507.4 million, up 17 per cent from a year earlier.

"The ongoing strategy to focus on affluent regional business proved to be effective as the mass and premium mass business continued to deliver encouraging results," Genting said.

  • AT A GLANCE

  • REVENUE: $675.1 million (+15.1%)

    NET PROFIT: $217.2 million (+3.3%)

Universal Studios Singapore and SEA Aquarium experienced higher visitorship and an increased average spend, compared with the same period last year. That helped its non-gaming business to record a 10 per cent jump in revenue to $167.1 million with daily average visitation exceeding 18,000 across the attractions.

Hotel occupancy achieved an occupancy rate of 94 per cent.

Earnings per share expanded to 1.8 cents from 1.51 cents in the previous year. Net asset value per share edged up to 63.6 cents as at March 31, from 61.8 cents as at Dec 31.

Genting Singapore shares closed unchanged at $1.16 yesterday before the results were released.

A version of this article appeared in the print edition of The Straits Times on May 11, 2018, with the headline 'Genting Singapore's Q1 profit up 3.3% to $217.2m'. Print Edition | Subscribe