Genting Singapore second-half net profit down 49%

Net profit for the 6 months ended December 31 fell to S$95.1m (US$70.7m), down from S$185.9m (US$138.2m) in the same period of 2020.

Malaysia.- Genting Singapore has reported earnings of S$95.1m (US$70.7m) for the second half of 2021. That’s a drop of 49 per cent compared to the same period of the previous year when net profits were S$185.9m (US$138.2m). Revenue for the period was also 17 per cent lower, at S$512.5m (US$381.2m).

Second-half adjusted EBITDA fell 52.3 per cent year-on-year to just under S$171.9m (US$127.8m). Non-gaming revenue rose 2 per cent at S$147.2m (US$109.5m). For the full year, however, the group’s revenue improved marginally to S$1.067bn from S$1.064bn in 2002. Net profit was up 165 per cent at S$183.3m (US$136.3m).

The company said: “Whilst the Covid-19 pandemic has severely impacted the business of the group, there are signs that allow us a sense of optimism for the travel and tourism industry.

“We are hopeful 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.”

See also: Genting Singapore to post flat earnings this year, analysts say