This was partly due to slower mass gaming business.
Genting Singapore profits continued to fall steadily throughout the first half of the year as earnings fell 5% YoY to $168.1m in Q2 from $177.6m last year, an announcement revealed. Revenue for the same period rose 14% YoY to $636.8m from $560.3m previously.
For the first half of the year, profits fell 5% YoY to $373.6m from $394.7m last year whilst revenue inched up by 3% YoY to $1.27b over the same period from $1.24b.
The firm’s earnings before interest, tax, depreciation, and amortisation (EBITDA) in H1 stood at almost $624.1m, down 0.12% YoY from $624.84m last year. However, earnings before EBITDA rose by 11% YoY in Q2 to $294.4m from $265.9m previously.
Genting Singapore attributed the decrease in profits to the slower mass gaming business and to the effects of a slowing local and regional economy. The earnings decline was also due to higher cost of sales, which climbed 14% YoY to $733.5m in H1 from $641.2m last year, and 24% YoY in Q2 to $382.8m from $309.5m previously.
The group said that it has plans to retire certain assets in connection with the expansion and transformation of Resorts World Sentosa, which in turn led to higher depreciation costs.
Genting Singapore announced that it will pay out a dividend of $0.015 cents per ordinary share on 20 September.
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