Genting Malaysia posts net profit of US$29.5m for Q4

Genting Malaysia has shared its financial results for the fourth quarter of the year 2021, showing a return to profit.

Malaysia.- Genting Malaysia has shared financial results for the fourth quarter of 2021, showing a return to profit of nearly MYR124.1m (US$29.5m) compared to a MYR258.2m loss a year earlier. It attributed the recovery to the easing of travel restrictions and the reopening of borders leading to a higher volume of business at Resorts World Genting.

For the third quarter of the last year, Genting Malaysia had reported that its net loss had contracted to MYR289m from MYR705m registered in the same quarter in 2020. However, the company saw better results in Q4, recording an 81.5-per cent year-on-year improvement in revenue to MYR1.89bn. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was MYR738.1m.

Full-2021 revenue was down 8.2 per cent year-on-year to MYR4.16bn but adjusted EBITDA more than doubled to MYR727m. Net loss declined by 55.5 per cent to MYR1.05bn.

Genting Malaysia said: “While the group maintains its prudent approach to ensure that it continues to be well-positioned financially to proactively respond to emerging trends and challenges in the wake of the Covid-19 crisis, the group remains committed to delivering value and sustainable returns to shareholders.

Malaysia may reopen borders without mandatory quarantine in March

Malaysia’s National Recovery Council (NRC) has proposed that the country’s borders could be fully reopened to international travellers without mandatory quarantine from March 1. The announcement has been well received by Resorts World Genting, the country’s only casino complex.

It’s estimated that visitor arrivals to Genting’s resort in Malaysia could increase to 23 million and 27 million people in the fiscal year 2022 and fiscal year 2023 respectively. Before the Covid-19 pandemic, 29 million people visited in the fiscal year 2019.