Genting Singapore has reported earnings of $95.1 million for 2HFY2021 ended Dec 2021, down 49% y-o-y.
Revenue in the same period was down 17% y-o-y to $512.5 million, as the resort operator was hit by lower visitor numbers amid a resurgence in Covid-19 cases.
“A series of enhanced safe management measures, such as the reduction in group size for social gathering and prohibition of dining-in at food and beverage (F&B) establishments, were introduced to contain the spread of the virus,” states Genting Singapore.
“These had a profound negative impact on our operating capacity and visitor arrivals,” the company adds.
For the whole of FY2021, the company reported earnings of $183.3 million for FY2021 ended Dec 2021, up 165% y-o-y. Revenue in the same period was largely unchanged at $1.07 billion, versus $1.06 billion.
The company plans pay a dividend of a cent per share – same as that paid for FY2020.
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Genting Singapore notes that with further relaxation of Singapore’s Covid-19 related regulations and gradual resumption of mutual vaccinated travel lanes (VTLs), more travellers will return to Singapore in 2022.
However, these visitors are not likely to be the group holiday makers that has formed a key part of Genting Singapore’s clientele.
“As we anticipate a gradual return of visitors from our traditional markets over the next two years, we remain resilient and continue to harness opportunities to refresh and build new visitor offerings to emerge stronger from the pandemic for the return of visitors to pre-Covid levels,” the company says.
Genting Singapore adds that it has been going ahead with reinvestment and expansion plans, with a total of some $400 million to be spent this year.
Having been in operation for more than a decade, Genting Singapore is also making use of the “lull period” to renovate its rooms progressively, with works starting in 2QFY2022.
Genting Singapore closed Feb 17 at 79 cents, unchanged for the day and up 0.64% year to date.
