SINGAPORE (THE BUSINESS TIMES) – Integrated resort operator Genting Singapore reported a 4.3 per cent fall in net profit for the first quarter of the financial year from the year-ago period, the company said in a Friday (Aug 12) bourse filing.

Net profit for the six months ended Jun 30, 2022, stood at $84.4 million, compared with a net profit of S$88.2 million posted the same period a year ago.

The results translate to earnings per share of 0.7 Singapore cent, against earnings per share of 0.73 Singapore cent in the previous financial year.

These figures came even as revenue was up 19.5 per cent to $663.1 million from $554.8 million previously, as Genting Singapore benefited from the lifting of Covid-19 restrictions and pent-up tourism demand.

On Apr 1, the Vaccinated Travel Framework came into effect to loosen entry requirements into Singapore.

However, Genting’s cost of sales stood at $463.0 million, up from $346.9 million in the first half of FY2021.

The leisure giant and casino operator grew its revenue in both its gaming and non-gaming sectors, although international tourism remained below pre-pandemic levels.

“We are embarking on a make-over of our tourism offerings to enhance the integrated resort’s appeal as a destination, to capitalise on the post-pandemic pent-up demand, in particular from the affluent regional market,” said Genting Singapore.

“With refreshed product offerings targeted at the premium market, we are confident that return on invested capital will deliver significant future growth.”

The company noted that the casino licence for its Resorts World Sentosa casino was renewed for another three years from Feb 6, 2022, which led to an increase in intangible assets.

The board has proposed an interim dividend of 1 Singapore cent per share, to be paid on Sep 20, 2022.

No interim dividend was declared for the corresponding period in the previous financial year.

Shares of Genting Singapore closed at $0.825, down $0.01, or 1.2 per cent, on Friday, before the results were announced.