Genting Singapore shares drop 8.2% on half-year net profit dip

[SINGAPORE] Shares of Genting Singapore dropped S$0.065 or 8.2 per cent to S$0.725 on Wednesday (Feb 25) shortly after market open.

This came after the group on Tuesday (Feb 24) posted a 30 per cent decline in its net profit for the second half of its financial year to S$155.6 million, from S$222 million in the same year-ago period.

Revenue stood at S$1.24 billion for the period, up 5 per cent from S$1.17 billion in H2 FY2024.

Gaming revenue for H2 FY2025 was up 2 per cent at S$764.1 million from S$745.6 million previously and non-gaming revenue jumped 10 per cent in H2 FY2025 to S$473.1 million, from S$428.3 million in the corresponding year-ago period.

The group said that in FY2025, its cash flow and balance sheet were affected by ongoing capital expenditure for its RWS 2.0 transformation.

Genting also said that operating costs were also elevated due to a combination of one-off and recurring factors.

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Recurring expenses relating to the company’s modernisation programme, including infrastructure refresh and system enhancements, were incurred as well.