Genting Singapore has reported a net profit after tax (NPAT) of $40.4 million for the 1QFY2022 ended March, 17% higher than NPAT of $34.5 million for the same period the year before.
Total revenue for the quarter improved 13% y-o-y to $314.5 million on the back of broad-based growth across all its segments.
Revenue for the group’s gaming segment for Resorts World Sentosa (RWS) increased by 8% y-o-y to $234.5 million.
Its non-gaming segment under RWS increased by 26% y-o-y to $76.3 million.
Non-gaming revenue surged over 10 times to $3.8 million for the quarter, compared to the $365,000 posted in the same period the year before.
For the period, EBITDA increased by 3% y-o-y to $121.7 million, although adjusted EBITDA dipped 3% y-o-y to $124.8 million mainly due to the rise in utilities expenses and the expiry of Covid-19 related government measures.
Looking ahead, the group says it is “cautiously optimistic” about the recovery trajectory as Singapore reopens its borders to vaccinated travellers.
“While we are encouraged by the gradual increase in footfall to our integrated resort, RWS, we anticipate that the pace of recovery in leisure travel will be moderated by the limited flight schedules, high airfares and ongoing travel restrictions on visitors from certain countries,” says the group in its May 12 statement.
In addition, the group says it will “continue to harness opportunities to refresh and build new visitor offerings to emerge stronger from the pandemic and capture any upswing in demand”.
Construction works on Minion Land and the Singapore Oceanarium are slated to begin in the second quarter of 2022.
In addition to other works, the group is also conducting renovations on Festive Hotel to turn the hotel into one for business leisure and work vacations.
Shares in Genting closed 1.5 cents lower or 1.92% down at 76.5 cents on May 12.