Genting Malaysia revenue up 32.7% in Q1
Genting Malaysia’s revenue reached MYR2.28bn (US$493.7m).
Malaysia.- Genting Malaysia has shared its financial results for the first quarter of the year, posting revenue of MYR2.28bn (US$493.7m). The figure was up 32.7 per cent in year-on-year terms but down 6.2 per cent when compared to the previous quarter.
According to the company, the increase in revenue when compared to the previous year was driven by strong performance in the leisure and hospitality businesses in Malaysia, the United States and the Bahamas.
The group reported first-quarter adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) of MYR592.9m, an increase of 43.1 per cent year-on-year and 25.4 per cent quarter-on-quarter. It reported profit before tax of MYR41.3m, compared with a loss of MYR116.1m last year. Net loss narrowed by 69 per cent year-on-year to MYR45.4m and was primarily due to deferred tax provisions recognised in the quarter.
In Malaysia, revenue from leisure and hospitality operations was up 52.5 per cent year-on-year at MYR1.40bn. However, the figure was down 11.9 per cent when compared to the previous quarter. Quarterly adjusted EBITDA was MYR436.5m, up 66 per cent when compared to last year, but down 6.6 per cent sequentially.
The company said it remains focused on enhancing yields at Resorts World Genting (RWG) by intensifying its database marketing efforts whilst improving overall operational efficiencies at the resort. It said it will “continue to leverage its integrated resort offerings to grow key business segments, including tapping on increasing inbound tourist arrivals to Malaysia and drive traffic to RWG. At the same time, effective cost management will continue to be emphasised as part of the Group’s ongoing efforts to augment its resilience amid a fluid operating environment.”
See also: Genting Malaysia to raise US$112.69m for IR development