SINGAPORE, Feb 22 (Reuters) - Shares in Genting Singapore PLC jumped after the casino operator's results came above market estimates, powered by a strong rise in the premium business, suggesting the worst was over for the Singapore gaming sector.
Genting, which runs Resorts World Sentosa in the affluent city-state, reported a 6 percent fall in October-December core profit to S$369 million ($298 million) on Thursday but this beat the average estimate of S$332 million, according to five brokerages polled by Reuters.
Analysts are expected to upgrade earnings estimates and ratings on Genting, whose shares have been the best performer in the Singapore index over the past three months, rising 24 percent. The shares underperformed last year.
On Friday, Genting was up 3 percent at S$1.54 on strong volumes in a flat market.
Genting has been burdened by a slowing market and tighter local regulations as the novelty aspect of Singapore's two multibillion-dollar casino complexes wears off. ($1 = 1.2393 Singapore dollars) (Reporting by Anshuman Daga)