Genting Malaysia’s net profit falls 79% year-on-year in Q3

The group’s Malaysian leisure and hospitality operations accounted for 59.4 per cent of revenue.

Malaysia.- Genting Malaysia Bhd has published its financial results for the third quarter. Revenue was MYR3.36bn (US$812.7m), up 22.1 per cent year-on-year, but net profit fell 79.0 per cent to MYR119.7m (US$28.9m).

The company reported a decline in its adjusted EBITDA of 35.8 per cent year-on-year to MYR838.1m (US202.8m). It attributed the result to lower foreign exchange gains, which totalled MYR2.8m, versus MYR601.8m last year. 

The group’s Malaysian leisure and hospitality operations, which include Resorts World Genting and non-gaming assets accounted for 59.4 per cent or around MYR2.00bn (US$483,968) of revenue. The figure rose 18.7 per cent year-over-year, driven primarily by higher business volumes in the gaming segment at Resorts World Genting. Adjusted EBITDA for the resort was MYR627.4m (US$151.8m), up 27.2 per cent year-on-year.

The company says its new ecotourism attraction, Eufloria, is on track to launch next year, while the revamp of the 18-hole golf course at Resorts World Awana is nearing completion. It also plans to use the Visit Malaysia 2026 campaign to attract more visitors to its casino complex.

In a separate development, the firm noted that Genting Bhd, its parent company, now owns nearly 63.4 per cent of its shares. This comes after Genting Bhd proposed a US$1.59bn deal in October to acquire the shares it didn’t already own in a bid to delist the subsidiary from Bursa Malaysia.

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The group’s Malaysian leisure and hospitality operations accounted for 59.4 per cent of revenue. Malaysia.- Genting Malaysia Bhd has published its financial results for the third quarter. Revenue was MYR3.36bn…