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Genting Singapore reports profit increase and revenue drop for Q2

Casino operator Genting Singapore saw a 3% year-on-year increase in net profit for the second quarter of 2018, reporting S$177.6m (US$129.9m).

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Although the company made a profit in Q2, there was a 6% decrease in revenue, with Genting reporting S$560.3m.

There was an 8% decrease in gaming revenue, which brought in S$406m, while non-gaming revenue saw a 1% increase to S$153.5m.

The decrease in gaming revenue can be attributed to “luck.”

The Genting report read: “In the gaming segment, our VIP rolling volume showed encouraging year-on-year growth but luck factor was not in our favour.”

Genting said it continued to extend more credit to VIP players during Q2 which accounts for the revenue decrease.

The company also reported a 2% increase in EBITDA to S$280.7m.

Earnings per share have also seen an increase of 24% with the basic earnings per share now at S$1.47.

Meanwhile, Tjong Yik Min has been appointed as the Lead Independent Director, in place of Koh Seow Chaun.

Tjong Yik Min has also been appointed as a member of the Nominating Committee.

 

 

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