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Genting Singapore Q1 core profit jumps 60 pct on year
May 5, 2014 / 10:11 AM / in 3 years

Genting Singapore Q1 core profit jumps 60 pct on year

SINGAPORE, May 5 (Reuters) - Genting Singapore PLC said on Monday its core earnings for the quarter ended March 31 soared 60 percent on the year as gaming income recorded robust gains.

Genting Singapore, controlled by Malaysia’s Genting Bhd , said its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter rose to S$400.3 million ($319.37 million).

Gaming revenue at its Singapore casino rose 29 percent to S$671.9 million on the back of higher rolling volume and win percentage in the premium player business, the company said in a statement.

Genting Singapore operates one of the two licensed casinos in the city-state and has been expanding in the region. Earlier this year it joined hands with a Chinese property developer to develop a $2.2 billion casino resort in South Korea.

“Looking ahead however, we will closely monitor the economic developments in the region as the environment appears to be more challenging,” the company also said.

“We have to dynamically calibrate our credit policies and balance our marketing thrust. Operational profitability remains our priority.”

$1 = 1.2534 Singapore dollars Reporting by Rujun Shen; Editing by Matt Driskill

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