Impairment is as a result of market valuation. I've not seen the detailed report. But basically, eg. they could have bought a property that was $100 but now it's only worth $60. So from accounting perspective, they need to value it at $60 and take the hit of impairment loss. But if you were to evaluate the result from a operational profit perspective, yes it's looking positive. In this case, the impairment hopefully is one off.

I am no expert and a genting investor like everyone else with most holding at 70 cents and alittle at 1.055. I am using my accounting knowledge to evaluate the situation.

Current Price: S$0.975

Fair Value: S$1.29

Summary: Genting Singapore (GS) reported a very strong set of 1Q10 results, with revenue jumping 337.0% YoY and 268.4% QoQ to S$460.4m, meeting 24.2% of our FY10 forecast. Underlying net profit came in at S$54.1m, marking a sharp turnaround from losses of S$23.3m in 1Q09 and S$82.3m in 4Q09. The strong outperformance came from the start of the Resorts World Sentosa (RWS) integrated resort where the operations were not only immediately profitable but also achieved an impressive adjusted EBITDA margin of 32.6%. While we are keeping our revenue estimates intact, we are drastically revising up our earnings estimates for FY10 to an underlying profit of S$187.9m from a net loss of S$15.1m; we are also raising our FY11 profit forecast by 192.5%. As a result, our DCF-based fair value jumps from S$1.04 to S$1.29. Maintain BUY.