Genting Singapore has reported a net profit of $84.4 million for 1HFY2022 ended June 2022, down 4% y-o-y.
Revenue for the period was $663.1 million, up 20% y-o-y, with increases especially pronounced for its non-gaming and other sources.
Adjusted earnings before interest, tax, depreciation and amortisation (adjusted ebitda) was $289.0 million, compared to $256.8 million for the same period last year, an increase of 13%.
However, higher utility tariffs and increased casino tax rates have impacted the overall profitability. Cost of sales for the period came in at $463 million, up 33% y-o-y.
Earnings per share for the period was 0.7 cents, down from 0.73 cents this time last year.
An interim dividend of 1 cent per share has been declared, compared to no interim dividend this time last year. The dividend will go ex on Aug 29 and will be paid on Sept 20.
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On Genting Singapore’s balance sheet, cash and cash equivalents came in at $3.33 billion as at June 30, 2022, up roughly $3 million y-o-y.
Current assets, meanwhile, came in at $3.44 billion as at June 30, 2022, up roughly $1 million y-o-y.
Non-current assets stood at $5.31 billion as at June 30, 2022, down from $5.35 billion this time last year.
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Genting Singapore says its expansion project “RWS 2.0” is “progressing well”. “We are embarking on a make-over of our tourism offerings to enhance the integrated resort’s destination appeal to capitalise on the post-pandemic pent-up demand, in particular from the affluent regional market.”
Resorts World Sentosa broke ground for Minion Land in May as part of Universal Studios Singapore’s major expansion programme. The design development and planning permission for the Singapore Oceanarium and its purpose-built Research and Learning Centre are being finalised, paving the way for construction to begin in the second half of 2022, says Genting Singapore.
Other refurbishment projects, such as remaking of Festive Hotel into a bleisure (business-leisure) and workation (work-vacation) hotel, upgrading of Resorts World Convention Centre and three new dining concepts will commence before the year end, adds the group.
Shares in Genting Singapore closed 1 cent lower, or 1.2% down, at 82.5 cents on Aug 12.
