Genting Singapore’s net profit jumps 11% to $60.7m in Q3

The company’s EBITDA, however, crashed by 31% YoY.

Genting Singapore Limited’s net profit jumped 11% to $60.7m in the third quarter (Q3), from $54.45m in the same period last year.

This is despite the decline in the company's adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) by 31% year-on-year to $102.53m in Q3 2021 from $149.04m in Q3 2020.

In this bourse filing, the leisure and hospitality company attributed the crash in its adjusted EBITDA to the “series of enhanced safe management measures.”

“Such measures included a reduction in group size for social gathering and prohibition of dining-in at Food and Beverage establishments. Whilst most of our key offerings at Resorts World Sentosa remained operational, these were at considerably lower levels,” the company said.

Meanwhile, Genting said it only expects a minimal increase in its overseas visitors’ footfall after Singapore’s implementation of vaccinated travel lanes.

“Countries designated for this quarantine-free travel are from non-traditional source markets,” Genting Secretary Liew Lan Hing said.

“At the same time, there may be an impact on the IR’s visitorship from an outflow of the local population to these countries due to the pent-up demand for international travel,” Liew added.