Genting Singapore net profit drops 34% to $156m in H1

Higher depreciation and lower interest income weigh as revenue slips 1%.

Genting Singapore reported a 34% year-on-year decline in net profit to $156.1m for the six months ended 30 June, as revenue slipped 1% to $1.20b.

Operating profit fell 32% to $205.5m, whilst profit before tax dropped 31% to $207.7m, according to a filing.

Adjusted EBITDA decreased 8% to $389.8m.

The group attributed the weaker earnings partly to higher depreciation and amortisation from ongoing asset enhancements and lower interest income amidst declining market interest rates.

Depreciation and amortisation rose 25% to $200.6m, whilst interest income fell 55% to $22.8m.

Meanwhile, gaming revenue slipped 4% to $804.4m, whilst non-gaming revenue increased 6% to $398.8m.

Genting Singapore declared an interim dividend of 2 cents per share, payable on 22 September. It remains unchanged from the corresponding period last year.

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