Genting's net profit crashed 47% to $66.9m in Q3

Blame low VIP volumes and a hefty fair value loss.

The operator of Resorts World Singapore reported that its net profit dropped by a staggering 81% to just $66.9m in the third quarter.

Although Genting booked a large forex gain of $113m, this was offset by a fair value loss of $63m in its portfolio investments.

Genting's other operating expenses ballooned to $78.6m in Q3, compared to just $3.3m in the same period last year.

Its core gaming business also continued to falter as VIP players vanish, with gaming revenue down 5% year-on-year during the quarter.

"With the continued uncertainty of China’s economic strength and environment, and its effect on the regional ASEAN economy, we continue to be cautious with our
VIP premium business," Genting said in its financial statement.