SINGAPORE Casino operator Genting Singapore posted its smallest annual profit in five years, hurt by poor performance in its business from high rollers as well as an increase in impairments and fair value losses.
Profit for 2015 at the company, controlled by Malaysia's Genting Bhd, fell 70 percent to S$193.1 million ($138 million), missing average analyst estimates of S$268 million. The profit was the smallest since 2010, or when the casino first opened, Thomson Reuters data shows.
For the fourth quarter ended Dec. 31, net profit was S$22 million, compared with S$118.9 million a year ago.
Genting's core earnings, or adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), fell 5 percent to S$181.3 million for the period. Gaming revenue fell 21 percent.
"Gaming revenue was impacted by a lower VIP gaming market as we continue to tighten our credit policies," the company said in a statement.
($1 = 1.4012 Singapore dollars)
(Reporting by Aradhana Aravindan; Additional reporting by Gaurav Dogra in Bengaluru; Editing by Sunil Nair)
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Published Date: Feb 19, 2016 04:15 AM | Updated Date: Feb 19, 2016 04:15 AM