Genting Singapore's net profit surges to $181.1m in Q1
On the back of strong revenues and improvement on margins.
The first quarter of the year was a jackpot period for Genting Singapore as its net profit skyrocketed by 16.7 times from $10.8m to $181.1m.
According to OCBC Investment Research, this was on the back of steady 1Q17 revenues at $585.6m and a significant improvement in its margins with gross profit increasing 52% YoY to $260.9m.
Meanwhile, administrative expenses and Selling & Distribution expenses dropped 5% to $40.5m and 7% to $12.7m, respectively. Finance costs also dropped 34% to $9.2m.
On a quarterly basis, total revenue grew 5% to $586.6m on the back of a 9% increase in gaming revenue to $434.4m, which was, in turn, the result of a strong performance from VIP gaming as well as premium mass business.
"GS’s non-gaming segment continues to show healthy performance with the hotel clocking an occupancy rate of over 92%, which is above the industry’s occupancy, and with the attractions at RWS welcoming 1.5m visitors," OCBC Investment Research said.