Airline caterer and ground handler also reported a more than tripling of flights handled year on year with cargo tonnage surging by 53.2% year on year for its latest business update.The operator of the integrated resort on Sentosa, Resorts World Sentosa , reported its fiscal 2022 first half earnings recently.Revenue for Genting Singapore rose 20% year on year to S$663.1 million for 1H2022.
Operating profit fell by 9% year on year to S$110.2 million principally due to an impairment loss of S$23.3 million booked in 1H2022 as well as fair value losses on financial assets amounting to nearly S$4 million.Net profit dipped by 4% year on year due to the aforementioned two exceptional items but would have been 26.6% higher year on year if they were excluded.Genting Singapore possesses a strong balance sheet with minimal debt.The cash balance stood at S$3.
The lifting of COVID-19 measures has supported the recovery of the meetings, incentives, conferences and exhibitions sector while also boosting the number of social events. With the increase in the number of such events and the further recovery of the MICE sector, RWS should enjoy higher non-gaming revenue as more tourists stay at its hotels and dine at its food and beverage outlets.There is good news for the revamp of RWS to prepare it for its next phase of growth.