14-11-2008:- Genting Intl 3Q loss narrows

SINGAPORE: Genting International Plc, the owner of the biggest UK casino operator, said its third-quarter loss narrowed from a year earlier, helped by improved gaming wins and a smaller one-time charge from the acquisition of the casino.

The company’s loss was S$116.8 million (RM277.45 million), or 1.27 cents a share, for the three months ended Sept 30, compared with a loss of S$393.4 million, or 5.76 cents, in the year-earlier period, Genting International said yesterday in a statement to the Singapore Exchange. Sales were little changed at S$177.4 million, the company said.

Genting International, which bought Stanley Leisure Plc in 2006, has reported losses in five of the last six quarters as global economic growth slows and higher UK gaming duty rates hurt its revenue. Earnings were also affected after the pound weakened against the Singapore dollar, the company said.

The results included a S$100.8 million impairment charge from the acquisition of the UK casino operator, the company said. During the year-earlier period, Genting International had posted a charge of S$454.6 million after the UK government raised gaming duty rates in April 2007, the company said.

Genting International fell 2.5% to 38.5 Singapore cents before the release of its earnings yesterday. — Bloomberg

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