Genting Singapore profits hit $143.3m in Q2
Thanks to the 33% jump in gaming revenue.
Genting Singapore hit the jackpot in the past quarter, rebounding from a $10.5m net loss last year to a $143.m net profit.
According to OCBC Investment Research, this was contributed by a healthy 24% YoY growth in revenue to S$596.1m, which resulted from a 33% jump in gaming revenue.
Additionally, there was a notable improvement in its gross profit margins, from 19.3% to 46.1%.
On the other hand, despite the substantial increase in revenue, administrative expenses and selling & distribution expenses each managed to drop 2% to $39.5m and $13.4m, respectively.
"We continue to be positive on the group’s initiatives to boost operating margins and keep receivable impairments low," analyst Eli Lee said.
The analyst added, "These efforts, coupled with growing gaming revenues against a backdrop of increasing visitor arrivals are expected to be the main driving force behind the strong earnings growth we project for the rest of the year."