Genting Singapore Q1 Profit Tumbles 55% to $65.2 Million as Middle East War Lifts Costs
Updated
Updated · The Straits Times · May 15
Genting Singapore Q1 Profit Tumbles 55% to $65.2 Million as Middle East War Lifts Costs
2 articles · Updated · The Straits Times · May 15
Genting Singapore’s first-quarter net profit fell 55% to $65.2 million, while revenue slipped 3% to $607.6 million, as higher sourcing, transport and delivery costs hit Resorts World Sentosa.
The company said the 11-week Middle East war has driven up energy, freight and logistics expenses after the Strait of Hormuz closure, while elevated airfares have weakened travel demand and visitor spending.
Genting is responding with targeted promotions, refreshed dining concepts and new attractions to support traffic, but warned the tougher operating environment is likely to persist.
Other Singapore-listed firms are also flagging pressure: Singapore Airlines said jet fuel prices have more than doubled since the conflict began, while Jumbo, Kimly, Sheng Siong and ComfortDelGro cited rising costs and more cautious consumers.
With rising costs from a distant war, is Singapore's famed economic resilience facing its greatest test yet?
Could a Middle East war unexpectedly fast-track Southeast Asia’s transition to a new, greener economic model?