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Genting Singapore profit misses consensus by 85.9% in Q4

Genting Singapore Ltd. said its normalized net income for the fourth quarter came to S$17.3 million, a fall of 82.1% from S$96.5 million in the year-earlier period.

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

The normalized profit margin fell to 3.2% from 15.1% in the year-earlier period.

Total revenue declined 14.2% year over year to S$547.4 million from S$637.9 million, and total operating expenses climbed 65.3% year over year to S$539.7 million from S$326.5 million.

Reported net income came to a loss of S$8.6 million, or a loss of 0 cents per share, compared to income of S$88.0 million, or 1 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 1 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2 cents.

EPS declined 64.8% from 4 cents in the prior year.

Normalized net income was S$174.2 million, a decrease of 65.4% from S$502.8 million in the prior year.

Full-year total revenue decreased 16.1% from the prior-year period to S$2.40 billion from S$2.86 billion, and total operating expenses declined on an annual basis to S$1.82 billion from S$1.89 billion.

The company said reported net income declined 85.5% year over year to S$74.9 million, or 1 cents per share, in the full year, from S$516.7 million, or 4 cents per share.

As of March 28, US$1 was equivalent to S$1.37.