Genting’s profit climbs 6% to S$375.3m in 3Q11

The group recorded a 10% increase in revenue, mostly contributed by Resorts World Sentosa.

For the third quarter of 2011, the Group recorded revenue of S$801.8 million, an increase of 10% when compared to second quarter of 2011. The increase in revenue is contributed by Resorts World Sentosa, Singapore Integrated Resort as a result of favourable win percentage in the premium players business in the current quarter.

The daily visitation to Universal Studios Singapore was about 9,400 with average spending per USS visitors was S$84. Singapore IR’s hotel occupancy was 89% with an average room rate of S$315. Adjusting for the one-off gain on disposal of available-for-sale financial assets of S$45.6 million in the second quarter of 2011, the Group’s net profit increased by 6% as a result of the higher adjusted earnings before interest, tax, depreciation and amortisation of Singapore IR amounting to S$375.3 million.

The higher adjusted EBITDA in the current quarter is attributable to the favourable win percentage in the premium players business offset by higher impairment loss on trade receivable by S$37.8 million. For the nine-month period of 2011, the Group revenue increased by 25% to S$2,453 million compared to revenue in the same period of 2010. This increase is due to having the first full nine-month period of operations of Singapore IR. Similarly, the Group’s net profit increased by 34% to S$757.9 million attributable to the full nine months operations of Singapore IR and the one-off gain on disposal of available-for-sale financial assets of S$45.6 million in 2011.