Genting Singapore posted a 3.3 percent increase in net profit in the first quarter of 2018, reaching S$217.2 million (US$162.3 million), driven mainly by strong volumes in its VIP business.
VIP rolling chip volume was up 36 percent year-on-year, reaching S$9.4 billion in the quarter. Analysts said this was helped by a strong CNY period.
The quarter’s increase in profit also came despite the absence of a one-off gain of S$96.3 million from the disposal of the group’s investment in South Korea in 17Q1.
Excluding the one off gain, the year-on-year growth in net profit would have been a jump of 91 percent in 18Q1.
Total revenue reached S$675.1 million., while adjusted EBITDA was S$358.9 million, up 27 percent year-on-year.
Genting said this was achieved by a health growth in volumes across all major business segments.
“The ongoing strategy to focus on affluent regional business proved to be effective as the mass and premium mass business continued to deliver encouraging results,” said Genting in a filing to the Singapore Stock Exchange.
The company also disclosed some of its thoughts on the Japanese Integrated Resorts (IR) Implementation Bill. Genting said the progress for the establishment of IRs in Japan has been very encouraging, and expects debate on this bill to commence within the appropriate time frame this year.