Singapore-listed Genting incurs 382 mln sgd loss in 2007 on exceptionals

SINGAPORE, Feb 25, 2008 (Thomson Financial via COMTEX)

Genting International Plc, the Singapore-listed subsidiary of Malaysian gaming giant Genting Bhd, said over the weekend it incurred a loss of 382 million Singapore dollars in 2007 after factoring in a 455-million-dollar impairment loss on goodwill arising from the acquisition of UK gaming company Stanley Leisure.

In 2006, Genting International posted a net profit of 58 million dollars.

Stanley Leisure has since been renamed Genting Leisure.

"The impairment is largely attributable to the increase in gaming duty rates by the UK government effective April 2007, after the group's acquisition of Genting Stanley. The increase in gaming duty took the UK gaming industry by surprise as it was made without any prior consultation and indication," said Genting.

"The smoking ban which came into full effect throughout the UK from July this year has also adversely impacted the gaming business," it said.

But increased contributions from its UK gaming operations boosted revenues, rising to 749.4 million dollars in 2007 from 293 million dollars in 2006.

(1 US dollar = 1.40 Singapore dollars)

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