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Genting Q4 core earnings fall 6 pct, better than forecast
February 21, 2013 / 10:10 AM / 5 years ago

Genting Q4 core earnings fall 6 pct, better than forecast

SINGAPORE, Feb 20 (Reuters) - Genting Singapore PLC , a casino operator that runs Resorts World Sentosa in the affluent city-state, reported a 6 percent fall in fourth-quarter profit but the result still came above estimates.

“Comparing to the fourth quarter of 2011, the business volume in the premium players segment improved significantly by 56 percent. However, this was offset by weaker win percentage in the premium players business,” it said in a statement on Thursday.

Margins will remain under pressure in the first half of this year, Genting Singapore said.

The gaming and resort operator is burdened by a slowing market and tighter local regulations as the novelty aspect of Singapore’s two multibillion-dollar casino complexes wears off.

Its October-December core earnings or adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell to S$369 million ($298 million) from S$394 million a year earlier.

This was above the average estimate of S$332 million, according to five analysts surveyed by Reuters.

Strong performances at rival Las Vegas Sands Corp’s Singapore and Chinese properties had raised market expectations the worst might be over for Genting Singapore.

Genting Singapore’s shares have been the best performers over the past three months, jumping 24 percent versus a 5 percent rise in the broader benchmark index. The shares underperformed last year.

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