Genting Singapore's FY15 earnings plunge 70%
Genting Singapore's FY15 earnings plunge 70%
http://www.theedgemarkets.com/sg/article/genting-singapores-fy15-earnings-plunge-70
SINGAPORE (Feb 18): Genting Singapore posted a 70% decline in FY15 earnings to $193 million, its smallest annual profit in five years.
The weaker bottomline came on the back of a 16% decrease in revenue to $2.4 billion, dragged down by its casino operations.
Gaming revenue was hit by a lower VIP gaming market as the group continued to tighten its credit policies.
However, Universal Studios Singapore, a major revenue contributor of its non-gaming segment, registered record attendance of 1.2 million in 4Q15.
Successful execution of events such as Halloween Horror Nights 5 and Santa’s All Star Christmas as well as continued interest in the re-launched Battlestar Galactica roller coasters and **** In Boots attractions contributed to the strong performance.
The decrease in revenue was partially mitigated by lower operating costs and overheads, which was achieved through various operational efficiency improvement initiatives.
For 4Q15 ended December, the group reported an 82% decline in earnings to $21.96 million. Revenue decreased 14% to $547.4 million.
The counter closed flat at 70 cents on Thursday.