SINGAPORE (May 12): Genting Singapore posted a five-fold increase in earnings to $210.2 million for the 1Q17, up from $40.2 million a year ago.
For the quarter ended March 31, operating income surged more than fivefold to $117.4 million on the back of the group’s disposal of its 50% interest in an integrated resort in Jeju, Korea that reaped a gain on disposal of $96.3 million.
Revenue fell 4% to $586.6 million from $608 million a year ago but rose 5% from the previous quarter due to stronger gaming revenue growth that was underpinned by strong performance from the VIP gaming business and premium mass business.
The company’s attractions business welcomed 1.5 million visitors in the quarter while the hotel business posted occupancy rate of over 92% in the same period.
Shares of Genting Singapore closed at $1.08 on Friday.
