The improvement was mainly due to the group’s disposal of its 50% interest in an integrated resort in Jeju, Korea that reaped a gain on disposal of $96.3 million.
In addition, Genting Singapore saw a 24% increase in 2Q17 revenue to $596.1 million, from $480.9 million. This was mainly attributable to a higher rolling win percentage in the premium player business.
Cost of sales fell 17% to $321.3 million in 2Q17.
As a result, Genting Singapore saw its gross profit treble to $274.8 million in 2Q, from $92.6 million a year ago.
Finance costs fell 26% to $8.8 million during the quarter, from $11.9 million a year ago.
Share of results of joint ventures and associate came in at $1.0 million, compared to a loss of $3.6 million a year ago.
Genting Singapore says its attractions business achieved daily average visitations exceeding 19,000, while its hotel segment saw an occupancy rate of over 95% during the quarter.
Cash and cash equivalents stood at $6.1 billion as at end June.
The group has declared an interim dividend of 1.5 cents for the period, payable on Sept 20.
“All major businesses registered stronger EBITDA at the back of improved operating margin as we continue to drive strategy to focus on better margin business and maintain lower impairment of receivables,” says Genting Singapore in a filing to SGX on Wednesday.
It adds that Resorts World Sentosa (RWS) is preparing a five-year strategic roadmap in an attempt to enhance its destination appeal in the targeted market segments as well as adopt innovative technology to drive productivity, efficiency, and customer experience.
The group says it is closely following the progress of the Japan Integrated Resort (IR) Execution Bill, which will pave the way for the formal bidding process of the Japan gaming licences.
Shares of Genting Singapore closed 1.5 cents higher at $1.18 on Wednesday.
