Genting Singapore's earnings crashed 19% to S$1361.5m

Blame it on higher impairment loss and operating costs.

According to DBS, Genting Singapore reported FY12 revenue down 9% at S$2948.1m, or 4.6% shy of its forecast, mainly due to lower gaming business volume. Adjusted EBITDA was down 19% at S$1361.5m, affected by higher impairment loss on trade receivable and higher operating costs incurred for the opening of MLP (Marine Life Park).

Net profit came in around S$677.7m, down 34%, and was 4.4% shy of its estimate.

Here's more:

GS declared a final dividend of S$0.01/share, unchanged from last year.

For the quarter, we understand this was led by a recovery in its VIP gaming business, which management said “went up very significantly QoQ” and rolling chip volume was as much as in 1Q11 – one of the highest since it opened.

While this also resulted in higher account receivable to nearly S$1.0b, management said it was also consistent with the volume of business. GS added that it is comfortable with receivables going up to S$1.1-1.2b.

Going forward, GS is also slightly more upbeat about RWS’ performance this year, citing the more positive global economic outlook.

Besides the VIP segment, GS intends to focus on the mass market by targeting visitors from Malaysia and Indonesia.

Recall that it had recently won a land tender in Jurong where it intends to build 500-room hotel to cater to the familyoriented visitors.

It adds that it is well placed to capitalize on investment opportunities in related leisure/gaming business, after raising some S$3b from perpetual securities last year; but did not give specific targets.

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