Genting announces Q2 profits fall of 21%

Genting announces Q2 profits fall of 21%

Thursday, August 30, 2012

Casino operator Genting announced a fall in second-quarter profits of 21pc, citing lower earnings at its Singapore gaming resort. Net income for the three months dropped to MYR534.5m from MYR673.2m a year earlier, while revenue was little changed at MYR4.5bn, the company said.

“The global economy looks increasingly unfavorable,” Genting said in the statement, adding that the Singapore casino resort “will continue to see similar narrower profit margins as in the current quarter."

Genting controls Asia’s second-biggest casino operator Genting Singapore, which earlier this month reported a 43 percent drop in second-quarter profit to S$138.5m, offsetting higher contributions from the group’s gaming businesses in Malaysia, the UK and the US.

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