Genting’s net profit jumps 55% to S$1b in 2011

As Universal Studios Singapore attracted a whopping 10,250 visitors daily, with each visitor spending an average of S$86.

According to a financial statement, the Group recorded revenue of S$786.3 million and adjusted earnings before interest, tax depreciation and amortization of S$398.8 million for the fourth quarter of 2011.

The business of Resorts World Sentosa, Singapore Integrated Resort remains solid in the fourth quarter of 2011 with revenue of S$782.5 million. Non gaming segment continues to grow as Universal Studio Singapore attracted about 10,250 visitors daily with an average spending of S$86 per visitor. RWS’ hotel occupancy was 89% with an average room rate of S$322.

The Group reported net profit of S$254.6 million, an increase of 21% from third quarter of 2011. The higher profit was attributable to the higher adjusted EBITDA of Singapore IR by 8% due to the lower impairment loss on trade receivable by S$36.2 million; and lower tax charge.

Group revenue for the year was S$3,223 million, an increase of 18% compare to last year due to the full year operations of the Singapore IR in 2011. Group net profit for the year was S$ 1,011.1 million, 55% higher than last year’s net profit of S$653.6 million, mainly attributable to the 18% improvement in Singapore IR’s EBITDA of S$1,671.6 million with its full year operations in 2011 and lower finance costs by S$112.3 million due to lower interest rates and lower loan principals.

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