Genting Singapore reports lower earnings in 3Q

KUALA LUMPUR: Resorts World Sentosa operator Genting Singapore Ltd said third quarter earnings fell by almost a fifth, as revenue slipped.

Net profit in three-month ended Sept 30 fell 24% to S$158.9mil, while sales declined 7% to S$596mil.

The group, in a filing in Singapore, said it recorded an adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) of S$278mil for the third quarter.

"We continue to be positive in attracting the affluent market from the region and leverage on the growing Asian economies,' it said.

On a hold-normalised basis, the group would have generated an adjusted Ebitda of approximately $295mil, or 7% less compared with the same quarter last year.

"Notwithstanding a change in the international visitor arrival mix, our non-gaming businesses performed well," it said.

In the third quarter of 2019, average daily visitation to Resorts World Sentosa exceeded 23,000 and its hotels continued to outperform industry benchmarks at an average occupancy rate of 94%.