Genting Singapore profit bounces to $88.21m after H1 2020 loss

The group suffered a $116m loss in the same period last year.

Genting Singapore reported a profit of $88.21m in the first half of the year, rebounding from the $116.68m loss recorded in 2020.

Total revenue during the period amounted to $554.75m, representing a 24% increase from $448.24m last year.

“This is an improvement compared to the corresponding period last year where most operations at Resorts World Sentosa (RWS) ceased for almost three months from 6 April 2020 to 30 June 2020,” the report read, citing the circuit breaker period imposed by the government.

The group noted the $100 SingapoRediscovers Vouchers scheme of the government distributed to Singaporeans boosted the local tourism industry.

Moreover, the group acquired leasehold land for the expansion of its Singapore integrated resort, leading to an increase in non-current asset.

The acquisition, worth $880m, has been included in the purchases of property, plant, and equipment in the report.

The group is expecting that the government’s 70% inoculation target will result in a synchronized border reopening.

For its part, it continues to focus on creating new ways to attract local visitors to RWS.

“With our strategic and measured approach, the group remains resilient to weather through the ongoing adverse effects impacting the tourism industry in Singapore,” the group said.

“We continue to invest in new and attractive guest experiences to position RWS as Asia’s premier business and leisure destination.”

The board did not declare an interim dividend for the period ended 30 June 2021, in light of the continuing impact of the pandemic.

It noted, however, that it has intentions to declare a final dividend for the financial year ending 31 December 2021.

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