Genting Singapore net profit jumps 75% to S$193m

Regional prospects gaining steam.

Genting Singapore did not disappoint with its 3Q13 earnings, meeting OCBC's expectations, with revenue climbing 16% yoy to S$776.8m and net profit rising 75% yoy to S$193m. Despite the expected results, Genting Singapore seems to be adopting a rosier outlook because of improving regional prospects.

"Going forward, management has turned slightly more positive, as compared to the previous quarter, after seeing a better spread of VIP customers coming from SE Asia and not just China. It is also seriously exploring gaming and non-gaming opportunities in the region; and expects to announce something in the next 12 months," said OCBC Investment Research in a report following the release of Genting Singapore's 3Q13 results.

The research firm also noted that Genting Singapore is watching the developments in Japan closely, with management expecting the legislative passage of the IR Executive Law in early 2014.