Luck not with Genting S’pore as it suffers Q4 loss

PETALING JAYA: Gaming conglomerate Genting Bhd, which is due to announce its financial results for the fourth quarter (Q4) ended Dec 31, 2010, today, is likely to miss market estimate after its operations across the causeway showed a performance that has widely missed the mark.
Luck was not on its subsidiary Genting Singapore plc's side, as the company's net loss widened to S$150.3mil (RM358mil) for Q4 2010, compared with a net loss of S$101.7mil in the same period of 2009. This was due to narrower margins for its VIP business, as high-stakes gamblers won more money compared with the preceding quarters. In addition, higher interest costs for loans deployed in financing its integrated resort had also caused a dent in the company's bottom line.
Genting Singapore which operates Resorts World Sentosa, one of two integrated resorts in the city-state posted a net profit of S$187.8mil in Q3 2010.
The company's Q4 2010 revenue stood at S$788.5mil, which represented an increase of 6% from the previous quarter. In Q4 2009, its revenue was only S$13.4mil.
Genting Singapore's net profit of S$37.8mil for the full year of 2010 was significantly below the average estimate of S$615mil by analysts polled by Bloomberg. Nevertheless, it was a better performance compared with a net loss of S$277.6mil in 2009.
Analysts had expected the Singapore operations to be the star performer that would give a major boost to Genting, which owned a 51.7% stake in the former.
A poll of 26 analysts by Bloomberg showed an expectation for Genting to rake in an average net profit of RM2.2bil, with average total revenue estimated at RM15.5bil for the full year of 2010. The Singapore operations were expected to contribute around 35% to 40% to group revenue, and analysts had expected a strong bottom line from Genting Singapore to contribute around 20%-30% to group net profit.
“Although Genting Singapore did not perform as well as expected, its medium to long-term growth potential is still intact,” an analyst told StarBiz, pointing to the recent reopening of a major attraction, the Battlestar Galactica roller coaster ride, as a crowd-puller.
He also highlighted the fact that there were other projects in the pipeline this year such as a marine museum, a new water park, hotels, and a ride based on the Transformers movies that could contribute to group income going forward. Genting yesterday closed at RM10.40, down 18 sen from Monday.

Taken from here

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