Genting Malaysia net profit doubles in 18Q2

Thursday 30th of August 2018

Genting Malaysia saw its second-quarter net profit more than double to RM378.2 million (US$91.6 million), helped by higher revenue from its Malaysian operations.

The group’s total revenue in 18Q2 increased by six percent year-on-year to RM2.4 billion, while adjusted EBITDA grew by 31 percent to RM 701.8 million.

Genting said its Malaysian business saw a 10 percent increase in revenue, mainly due to improved hold percentage in the mid to premium players segment.

“The improved performance was also contributed by the new facilities and attractions under the Genting Integrated Tourism Plan (GITP), which have been well received,” it added.

Visitation at Resorts World Genting increased by 18 percent in the quarter, while occupancy rates held at around 97 percent, said Genting in a filing to Bursa Malaysia.

In the United Kingdom and Egypt, group operations reported a 6 percent rise in revenue, due mainly to higher contribution from Crockfords Cairo in Egypt and its UK interactive business, offset by lower business volumes from its UK land-based casinos.

The group however recorded lower revenues in its US and Bahamas operations, with revenues down 10 percent.

This was due to lower business volumes from its Resorts World Casino New York City as a result of increased competition, it said.

For the first half of the year, Genting Malaysia reported a 14 percent rise in revenue, reaching RM3.2 billion and a 23 percent rise in adjusted EBITDA, reaching RM1.1 billion.