, Singapore

Genting Singapore’s net profit jumps 11% to $60.7m in Q3

The company’s EBITDA, however, crashed by 31% YoY.

Genting Singapore Limited’s net profit jumped 11% to $60.7m in the third quarter (Q3), from $54.45m in the same period last year.

This is despite the decline in the company's adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) by 31% year-on-year to $102.53m in Q3 2021 from $149.04m in Q3 2020.

In this bourse filing, the leisure and hospitality company attributed the crash in its adjusted EBITDA to the “series of enhanced safe management measures.”

“Such measures included a reduction in group size for social gathering and prohibition of dining-in at Food and Beverage establishments. Whilst most of our key offerings at Resorts World Sentosa remained operational, these were at considerably lower levels,” the company said.

Meanwhile, Genting said it only expects a minimal increase in its overseas visitors’ footfall after Singapore’s implementation of vaccinated travel lanes.

“Countries designated for this quarantine-free travel are from non-traditional source markets,” Genting Secretary Liew Lan Hing said.

“At the same time, there may be an impact on the IR’s visitorship from an outflow of the local population to these countries due to the pent-up demand for international travel,” Liew added.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

How investor stewardship puts companies in a win-win state
Stewardship Asia Centre CEO says a company’s failure to take care of society is a failure to take care of its stakeholders.
Creating harmony in a heterogonous workforce 
An HR expert said tests like DISC can help identify which employees can work best together.