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Genting Singapore's Q3 profit nearly halves on lower VIP gaming volume

Reuters

SINGAPORE, Nov 12 (Reuters) - Casino operator Genting Singapore PLC said net profit fell 47 percent in the third quarter, hurt by lower VIP premium gaming volumes and fair-value losses from portfolio investments.

The company, controlled by Malaysia's Genting Bhd, said profit hit S$66.9 million ($47.13 million) in July-September, compared with S$127.1 million in the same period a year earlier.

Core earnings, or adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), fell 18 percent to S$209.2 million.

"In gaming, our focus remains with the premium mass and mass business segments as we continue to restructure the VIP premium business," Genting Singapore said in a statement.

Shares of the company, which operates Resorts World Sentosa in Singapore, have lost a quarter of their value this year, compared with a 12 percent fall for the broader market. ($1 = 1.4195 Singapore dollars) (Reporting by Aradhana Aravindan; Editing by Christopher Cushing)