SINGAPORE (Feb 9): Despite suffering from the pandemic, Genting Singapore managed to stay in the black for the financial year 2020 (FY20) ended Dec 31, 2020.
From earnings of S$688.6 million recorded in FY19, the casino operator reported a 90% plunge in earnings to just S$69.2 million. Revenue in the same period was down 57% year-on-year to S$1.06 billion, from S$2.48 billion recorded for FY19.
The company also cut its dividend to just one cent a share, from 2.5 cents in the prior year.
Even with the hit from the pandemic, the company was maintaining a healthy cash hoard of S$3.99 billion as at Dec 31 2020, up slightly from S$3.95 billion the year earlier.
"We are most grateful to the Singapore government for providing various support measures in assisting our resort to weather through this crisis," said the company in its earnings commentary.
"Notwithstanding the government helping us and the group's implementation of cost containment measures, the effects of the Covid-19 global pandemic to our businesses were still devastating," the company said, adding that FY20 was its worst year since it opened for business in 2010.
While there is partial return to normal operations for now, Genting Singapore remains "cautious" of the travel and tourism sector's recovery.
The company will continue to pursue its S$4.5 billion planned expansion of Resorts World Sentosa.
Outside of Singapore, the company said it remains committed to taking part in the integrated project in Japan's Yokohama.
Genting Singapore shares closed on Feb 9 at 89 cents, up 0.56%.