The General Singapore 1H profit falls, sales costs rise 34%

The Singapore Resorts World Sentosa casino operator’s first-half net profit fell 4.3% year-on-year to S$84.4 million. Genting Singapore Ltd’s results were substantially up 19.5% year-on-year, the company reported group-wide sales after trading on Friday in a filing with the Singapore Stock Exchange of 663.1 million. However, sales costs for the six months to June 30 rose 33.5% year-on-year to Singapore $463 million. Gaming revenue for the first half of 2022 rose 7.3% Y/Y to S$475.2 million. 메이저 토토사이트

The group’s first-half performance was helped by the second quarter, which saw “resumption of borders,” and by resort World Sentosa’s expression of “suppressed demand” for “gaming and integrated resort tourism offerings,” the company said. Although he added. “With limited international flight capacity and high airfare, attendance at all attractions was lower than pre-pandemic levels.” Nonetheless, non-game revenue for the first half of the year rose 64.9% year-on-year, just below S$183 million. Adjusted earnings for the first half before interest, taxation, depreciation and amortization (EBITDA) decreased 2.7% Y/Y to S$268.7 million. For the first three months of the year, Genting Singapore reported a net profit of S$40.4 million, up 17.3% from the previous quarter.

Regarding Q2 EBITDA, Singapore market rival Marina Bay Sands, run by the U.S.-based Las Vegas Sands Company, “recovered to 71%,” Genting Singapore achieved “49% of the fourth quarter of 2019” in a Monday note from brokerage Sanford C. Bernstein. “Genting Singapore’s overall GGR share was only 26% in the second quarter, compared to 39% in the first quarter, due to Resort World Sentosa’s low holdings in VIP gambling and the “relative weakness” of the latter’s mass market GGR,” analysts Vitaly Umansky, Louis Lee and Shirley Yang said. As of June 30, 2022, Genting Singapore’s total revenue was just over S$103.6 million, of which “most were related to casino debtors.” The amount was down from S$224.1 million a year earlier. The net loss for the first half of the year was just over S$2.7 million, compared with a net loss of nearly S$24.7 million a year earlier.

The company has proposed a Phase 1 non-taxable interim dividend of S$0.01 per share of common stock to be paid on Sept. 20 to record shareholders as of Aug. In its first-half earnings discussion, Genting Singapore said it was “optimistic” about the “elastic recovery” of its business, although there was a potential economic downturn “in the near future.” “Our immediate concern is an ongoing challenge in hiring enough skilled and talented executives and leveled team members,” the company added. Genting Singapore said the expansion of Resorts World Sentosa, known as “RWS 2.0,” to S$4.5 billion was “well underway.” “We are embarking on renovations to tourism offerings to enhance the destination appeal of integrated resorts, particularly in order to capitalize on the post-pandemic pent-up demand of wealthy regional markets. “With the new offering of products to the premium market, I am confident that the return on invested capital will deliver significant future growth.” In May, Genting Singapore executives said in a commentary that they expected to expand Resort World Sentosa’s gaming customer base.

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