Genting Malaysia revenue up 174.9% in Q3
Revenue was up 174.9 per cent year-on-year at MYR2.27bn (US$505.4m).
Malaysia.- Genting Malaysia has shared its financial results for the third quarter of 2022, reporting that revenue of MYR2.27bn (US$505.4m). That’s a rise of 4.1 per cent when compared to the previous quarter and 174.9 per cent year-on-year.
It registered an increase in non-gaming revenue mainly attributed to the opening of Genting SkyWorlds. The casino operator reported a net loss attributable to shareholders of just below MYR8.2m, compared with MYR307m in the third quarter of 2021. The company had a net loss of MYR10.9m in the second quarter of this year.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was MYR609.8m, compared to MYR53.7m in the prior-year period.
Despite the good financial performance, Genting Malaysia warned: “While international tourism is anticipated to continue improving, ongoing global economic headwinds and pandemic management measures in certain countries could impact demand for international travel. Consequently, the recovery of the regional gaming market could face some setbacks.”
Earlier this month, Fitch Ratings reported that it expects Genting Malaysia Berhad to reduce its debt gearing against EBITDA from 4.2x in 2021 to 3.2x by 2024. The agency says the deleveraging will stem from the group’s economic recovery in the markets where it operates and lower capital spending.
Fitch analysts Akash Gupta and Shiv Kapoor stated: “Following the lifting of pandemic-related restrictions in Malaysia in April 2022, recovery should be aided by a limited reliance on foreign visitors and additions to the new Genting SkyWorlds theme park by fourth-quarter 2022.”
