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
Genting Singapore's first half profit fell 33.5% to S$156.1 million in June, down from S$234.7 million a year earlier, due to higher depreciation, lower interest income, and asset refresh works, according to the company's bourse filing on August 13. The company reported stable revenue of S$1.2 billion, down 0.9% year-on-year, driven by growth in non-gaming revenue, which increased by 6% to S$388.6 million, and remained largely unaffected by weakened tourism conditions.
Gaming revenue decreased by 4% to S$804.4 million. Adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) fell 8.4% to S$389.8 million, while earnings per share slipped to S$0.0129 from S$0.0194. The company declared an interim dividend of S$0.02 per share, payable on September 17.
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