Genting Malaysia revenue up 176.2% in Q1

Genting Malaysia saw a rebound in revenue mainly due to an overall higher volume of business at Resorts World Genting as a result of relaxed travel restrictions in the country.

Malaysia.- Genting Malaysia has shared its financial results for the first quarter of 2022, reporting that revenue was up 176.2 per cent year-on-year to MYR1.72bn (US$391.3m). The company attributed the recovery to the easing of travel restrictions, leading to a higher volume of business at Resorts World Genting.

Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was MYR414.4m (US$94.2m), compared with a loss of MYR110.4m a year before. However, the figure was lower than predicted by analysts at JP Morgan. 

Genting Malaysia reported a net loss of MYR147.9m, narrowing by 70.5 per cent. Revenue from leisure and hospitality operations more than tripled year-on-year, to MYR920m.

For the fourth quarter of 2021, Genting Malaysia saw a return to profit of nearly MYR124.1m (US$29.5m) compared to an MYR258.2m loss a year earlier.

In the UK and Egypt, the group’s operating income rebounded to MYR395.3m in the first quarter of this year, nearly 10 times higher than in the first quarter of 2021. In the US and Bahamas, the group’s leisure and hospitality revenue rose 39.6 per cent year-on-year to MYR357.9m. Adjusted EBITDA for these markets rose 13.7 per cent year-on-year to MYR78m.