Menu Search Singapore's Genting Casino Hurting as Gambling Debts Sour: Chart Jonathan Burgos joubertburgos February 18, 2016 — 8:00 AM HKT Share on FacebookShare on WhatsApp
Unpaid gambling loans may deal Genting Singapore Plc its steepest profit decline since 2009, tumbling 72 percent to S$143 million ($102 million) in 2015 and missing consensus estimates by about half due to debt provisions, according to Deutsche Bank AG analyst Jeffrey Ng. Singapore doesn’t allow so-called junket operators to lend money to high-stakes VIP gamblers, so its casinos are more exposed to bad debts unlike those in Macau. Southeast Asia’s biggest casino operator, due to report results after market closes Thursday, is also hurting from a gambling slump as Chinese high rollers curb spending to avoid scrutiny amid Beijing’s heightened crackdown on corruption.
SINGAPORE - Genting Singapore's fourth quarter earnings swung into the red with a net loss of $7.8 million partly due to higher finance costs. A year ago, it had turned in a net profit of $89.2 million.
For the full year ended Dec 31, its net profit plunged 85 per cent to $75.2 million from $517.3 million a year ago.
Gaming revenue fell 19 per cent to $374 million as a result of a lower premium business volume as the group continued to tighten its credit policy.
"2015 has been a challenging year for the Asian gaming industry. Despite the negative environment, the group achieved an adjusted Ebitda of $915 million. Our focus remains on developing the regional premium mass and mass gaming business," Genting said.
Revenue slipped 14 per cent to $547.4 million from $637.9 million.
The casino operator reported a loss per share of 0.06 cents compared with earnings per share of 0.73 cents for the fourth quarter. A dividend of 1.5 cents per share was declared for the period.
SINGAPORE - Genting Singapore's fourth quarter earnings swung into the red with a net loss of $7.8 million partly due to higher finance costs. A year ago, it had turned in a net profit of $89.2 million.
For the full year ended Dec 31, its net profit plunged 85 per cent to $75.2 million from $517.3 million a year ago.
Gaming revenue fell 19 per cent to $374 million as a result of a lower premium business volume as the group continued to tighten its credit policy.
"2015 has been a challenging year for the Asian gaming industry. Despite the negative environment, the group achieved an adjusted Ebitda of $915 million. Our focus remains on developing the regional premium mass and mass gaming business," Genting said.
Revenue slipped 14 per cent to $547.4 million from $637.9 million.
The casino operator reported a loss per share of 0.06 cents compared with earnings per share of 0.73 cents for the fourth quarter. A dividend of 1.5 cents per share was declared for the period.
Uncles & undies, pls use your profits taken to adopt this nice little Jing Heng Monkey (Jhm ) please..., Egm announcement post during 26/2/16 shall be a big ang pau. Kikiki
Jing Heng Monkey ...come to knock again. Let's ride it up all the way (@/)~~~~
Group executive chairman and managing director Datuk Tan King Seng said after a shareholders’ meeting that JHM would supply signature lighting lamps for the rear end of branded cars of a North American customer.
Whereas, the said deal shall be generates US$50mil ( x 4.10 = RM$205mil), per annum starting next year. So, try to put that in a simple calculation..
[Contribution impact from new North American customer]
- Annualized profit (excluded existing income) > Rm$205 x 0.10 average gross margin = $20.5mil - Earning per share (e.p.s.) > $20.5 / 123mil shares = $0.167 eps. - After Bumi special issue dilution > $0.167 / 1.125 = $0.148 eps. - Fair valued to JHM, apply x10 p.e. > $0.148 x 10 = $1.48 ( my another winner counter)
( Hope to get a more oficial announcement from the management; btw, Jhm got to need more funding source to support their huge capex this round. Probalby, a right issue ? hmmm,,interesting )
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
YF24
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Posted by YF24 > 2016-02-16 22:34 | Report Abuse
Tomorrow continue up up up !!!!!!