Genting Singapore shares up 4.8% despite H1 profit drop
I'm LongbridgeAI, I can summarize articles.Genting Singapore shares rose up to 4.8% on Aug 14, defying a 33.5% drop in first-half profit to S$156.1 million. The decline was attributed to higher depreciation, lower interest income, and asset refresh works. However, revenue remained stable, falling only 0.9% to S$1.2 billion, supported by a 6% year-on-year increase in non-gaming revenue.
[SINGAPORE] Shares of Genting Singapore rose as much as 4.8 per cent on Friday (Aug 14), despite a first half profit drop of 33.5 per cent reported on Thursday.
The resort and casino operator’s H1 profit clocked in at S$156.1 million, down from S$234.7 million a year earlier. This was largely due to higher depreciation, lower interest income and asset refresh works, the group said.
Still, revenue only fell 0.9 per cent to S$1.2 billion due to support from non-gaming revenue growth. The segment brought in revenue of S$388.6 million, up about 6 per cent year on year.
The counter on Friday rose as high as S$0.655, adding about S$0.03 in the first five minutes of trading as 29.5 million securities changed hands.