Thursday, November 13, 2008

Genting Trims Losses In Q3, IR Soft Open Early 2010

Source : The Business Times, November 13, 2008

Genting International Public Limited Company said net loss for the third quarter this year was at S$116.83 million compared to S$393.38 million a year ago.

Revenue slipped 1 per cent to S$177.43 million.

The quarter's results were, however, affected by higher bad debts and exchange losses but these have been cushioned by fair value gains on derivative financial instruments of S$17.1 million recognised in the current quarter.

The group also recognised an impairment loss of S$100.8 million on goodwill arising from its acquisition of Genting Stanley in the current quarter. The impairment loss can be attributed to the general economic slowdown in the UK and the rest of the world. The slowdown has adversely affected business volumes at the Group's UK casinos.

It said construction is on track for its Singapore Integrated Resort's soft opening by early 2010.

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