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Genting Singapore profit misses consensus by 43.1% in Q1

Genting Singapore Ltd. said its first-quarter normalized net income was S$79.1 million, a decrease of 60.7% from S$201.1 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 11.7% from 24.3% in the year-earlier period.

Total revenue decreased 22.9% on an annual basis to S$639.2 million from S$828.8 million, and total operating expenses declined 26.2% on an annual basis to S$384.6 million from S$521.3 million.

Reported net income decreased 72.4% year over year to S$63.0 million, or 1 cents per share, from S$228.3 million, or 2 cents per share.

As of May 14, US$1 was equivalent to S$1.32.