Genting reveals Q4 performance
Genting Singapore’s net profit down 29 per cent during the fourth quarter of 2017, barely reaching €82.5 million.
Singapore.- Genting Singapore has revealed its results for 2017’s fourth quarter, showing a 29 per cent drop in net profit as it barely reached €82.5 million. However, according to a recent filing to the Singapore Stock Exchange, revenue increased 4 per cent in the quarter to €357.2 million thanks to the leisure and hospitality segments’ performances.
Meanwhile, EBITDA rose 9 per cent year-on-year to €157 million. According to Bernsteint this was powered by higher mass hold and an extraordinary low net A/R write down.
Despite the Q4 results, Genting Singapore’s full year net profit reached €422.2 million, a yearly increase of 78 per cent. Adjusted EBITDA grew 48 per cent year-on-year to €7.3 billion.
The company stated: “In 2017, the Asian gaming and tourism industry showed signs of rebound as a result of good economic growth in our main geographic markets. Together with a business strategy and plan that was well executed, especially in the gaming business segment, we have been able to significantly grow both our revenues and profitability.”
Furthermore, Genting added that they have “recalibrated the credit policy and commission structure for the VIP gaming business in 2017,” and explained: “This is paying off and is proving to be a sustainable growth strategy. We are now able to achieve lower impairment on gaming receivables and improve operating margins.”
