Casino operator Genting Singapore on Wednesday said second-quarter net profit surged nine times from last year, powered by improved performance of its gaming business and stake sale in a project in South Korea.
Net profit jumped to S$172.7 million in the quarter from S$18.9 million a year earlier.
Singapore-listed company completed the sale of its stake in an integrated resort in Jeju, Korea in the beginning of the year and generated proceeds of S$596.3 million.
Revenue gained 24 percent to S$596.1 million in the quarter ended June 30.
Gaming revenue, which contributes majority to the overall group sales, jumped 33 percent to S$442.2 million.
Genting Singapore is involved in gaming and integrated resort development in Australia, the Bahamas, Malaysia, the Philippines, Singapore and the United Kingdom.
For the quarter, company's attractions business achieved daily average visitations exceeding 19,000 with hotel segment accomplishing an occupancy rate of over 95 percent.
The firm has declared an interim dividend of 1.5 cents, a share.
Genting Singapore shares closed 1.3 percent higher at S$1.18 on the Singapore Exchange. The stock has gained nearly 30 percent so far this year.
