Genting Singapore profit and revenue increase in H1

| By Conor Mulheir
Casino operator Genting Singapore has released its financial results for the first half of 2021, showing a year-on-year increase of 23.8% in the company’s revenue.

Total revenue for the period came in at S$554.8m (£295.3m/€348.3m/$408.6m), up from S$448.2m in the same period last year.

Gaming activities made up S$442.9m of the revenue, up 61.4%. Hotel rooms brought in a further S$45.3m, down 10.1%, while revenue from attractions and other non-gaming activities came to S$30.1m and S$28.9m, down 51.9% and 11.0% respectively.

Rental income made up a further S$7.5m of the total revenue, down 27.0%, while hospitality, support services and others brought in just S$78,000, compared to S$18.2m in the previous year.

Cost of sales for the six months totalled S$346.9m, a significant decrease from the S$481.4m cost in H1 2020. This left the operator with a gross profit of S$207.9m, compared to a gross loss of S$33.2m last year.

Other operating income came in at S$3.1m, down 64.7%, while interest income totalled S$7.9m, down 75.3%.

Administrative expenses came to S$90.8m, compared to S$86.9m in 2020, while selling and distribution costs came to S$6.4m, compared to S$13.0m.

Other operating expenses came to S$721,000, down 97.5% on the S$28.3m incurred in 2020.

These costs left the business with an operating profit of S$121.0m, compared to an operating loss of S$120.5m in H1 2020.

After finance costs of $1.8m, down 10.5%, and a benefit of S$665,000 from the results of a joint venture, up 41.2%, the business showed a profit before taxation of S$119.9m, compared to a loss before taxation of S$122.0m in H1 2020.

After paying S$31.7m in taxes, compared to a tax benefit of S$5.4m in the previous year, Genting recorded a net profit of S$88.2m, compared to a net loss of S$116.7m in 2020.

Foreign currency exchange differences brought the business a benefit of S$1.7m, compared to a loss of S$1.1m in 2020, leaving the operator with a total comprehensive income for the period of S$90.0m, compared to a total comprehensive loss of S$117.8m in 2020.

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