Genting Singapore lowers Q2 loss

The casino operator has disappointed expectations for a swing to profit, despite cutting costs.

Genting Singapore on Thursday said its net loss narrowed in the second quarter as expenses and finance costs fell.

For the April-to-June quarter, the net loss stood at $S10.5 million ($US7.8 million), compared with a loss of $S16.9 million in the year-ago period, the casino-and-resort operator said in a filing to the Singapore Exchange.

Revenue fell about 17 per cent from last year to $S480.89 million.

The company had been expected to swing to a net profit of $S81.9 million in the quarter, according to data on FactSet.

“The Asian gaming market continues to face challenges,” the company said. “Our premium market has been significantly impacted by a low win percentage.”

- Dow Jones newswires