Genting Singapore H1 profit falls 33.54% to $156.5 million despite stable revenue
Earnings have been affected by higher depreciation, lower interest income and asset refresh works.
Singapore-based casino and resort operator Genting Singapore experienced a 33.5% decrease in profit for the first half of 2023, reaching $156.1 million, down from $234.7 million in the same period the previous year, according to a filing made on August 13. The decline was primarily due to higher depreciation costs, lower interest income, and ongoing asset refresh works.
The company reported stable revenue at $1.2 billion, down 0.9% year-on-year, largely driven by growth in non-gaming revenue, up 6% to $388.6 million. Gaming revenue, however, fell by about 4% to $804.4 million. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased 8.4% year-on-year to $389.8 million.
Genting Singapore's interim dividend of $0.02 per share remained unchanged from the previous year and will be paid out on September 17. The group cited new offerings and operational resilience as factors contributing to strong performance in its MBS segment, which generated $1 billion in revenue and a profit of $689 million in Q2.
The company also highlighted ongoing capital expenditure for its RWS 2.0 transformation, which is planned to be completed by 2030, and refresh works at various hotel and dining venues. Genting Singapore's shares were down 2.3% at $0.625 following the release of the financial results.
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