Genting rises on strong earnings from Singapore unit
KUALA LUMPUR: At 9.30am, Genting Bhd shares are on the move, rising 10 sen to RM8.97 on the back of 112,900 shares done.
This comes amid reports that Genting's 52.7%-owned subsidiary, Genting Singapore, posted strong earnings for the third quarter of its financial year.
According to Kenanga Research, the gaming sector in Singapore has bottomed out as both Genting Singapore and Marina Bay Sands are seeing strong recoveries in their gaming volume.
© Provided by The Star Online
Genting Singapore posted improved results for the third consecutive quarter with core earnings rising 6% sequentially S$188mil, bringing 9M17 core net profit to S$499.5mil.
"This was attributed to strong gaming business volumes as the total gaming revenue rose 2% q-o-q and 11% y-o-y to S$452.1mil while impairment on trade receivables remained low at S$14mil against S$14.7mil and S$50.2mil in 2Q17 and 3Q16, respectively," said Kenanga Research in its research report.
"As it is now in the seasonally strong 4Q17, especially for the non-gaming business on year-end holiday, earnings are likely to improve further in the coming quarter," it added.
As for Genting, its third quarter results are expected to be announced on Nov 23.
Source : https://www.msn.com/en-sg/news/other/genting-rises-on-strong-earnings-from-singapore-unit/ar-AAuwEEZ