Genting Singapore H1 profit falls 33.5% to S$156.1 million despite stable revenue
Earnings have been affected by higher depreciation, lower interest income and asset refresh works
[SINGAPORE] Resort and casino operator Genting Singapore recorded a 33.5 per cent fall in profit for its first half ended Jun 30 to S$156.1 million, from S$234.7 million a year earlier.
This was affected mainly by higher depreciation, lower interest income and asset refresh works, the group said in a Thursday (Aug 13) bourse filing.
“The period was affected by a softer operating environment, with seasonally lower second-quarter demand, moderating tourism arrivals and a more measured consumer spending,” it added.
Revenue was largely stable year on year, down 0.9 per cent at S$1.2 billion. Genting Singapore attributed this to support from non-gaming revenue growth; the segment brought in revenue of S$388.6 million, up about 6 per cent year on year.
This was supported by refreshed attractions, hospitality and experiential offerings even as tourism conditions weakened, said the group.
Gaming revenue came in at S$804.4 million, down about 4 per cent. The “other revenue” segment in Singapore leisure and hospitality contributed S$10.3 million.
Earnings per share stood at S$0.0129 for H1, down from S$0.0194 a year earlier.
An interim dividend of S$0.02 a share was declared for the half-year, unchanged from the year before. It will be paid out on Sep 17.
Genting Singapore’s adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) declined 8.4 per cent year on year to S$389.8 million, from S$423.7 million previously.
Resorts World Sentosa reported adjusted Ebitda of S$210.8 million in Q2, up 18 per cent quarter on quarter and 12 per cent year on year. Genting Singapore attributed this to new offerings and operational resilience.
The group said that its cash flow was impacted by ongoing capital expenditure for its RWS 2.0 transformation, adding that the project remains on track for completion in 2030.
It added that refresh and upgrading works are being planned for Hotel Michael, Crockfords Tower, dining venues and key guest-facing areas, with new and revitalised facilities planned for progressive introductions over 2027 and 2028.
Shares of Genting Singapore fell 2.3 per cent or S$0.015 to close at S$0.625 on Thursday, before the results were announced.
