Genting Malaysia seeks approval to renew share-repurchase scheme
epurchases would not exceed 10 per cent of issued shares.
Malaysia.- Genting Malaysia has announced that its board will seek shareholder approval at the next annual general meeting to renew the company’s authority to purchase its own shares. Repurchases would not exceed 10 per cent of issued shares when combined with existing treasury shares, The company has not yet announced when the meeting will take place.
Genting Malaysia operates Resorts World Genting (RWS), Malaysia’s only licensed casino, at Genting Highlands. The group also operates casinos in the United States, the Bahamas, the United Kingdom and Egypt.
Genting Malaysia reports net loss for Q4
Genting Malaysia’s fourth quarter revenue was flatish at RM2.68m (US$604.3m) while adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was RM180.6m (US$41m), down 78.6 per cent year-on-year and 86.2 per cent quarter-on-quarter. The decline was mainly attributed to net unrealised foreign exchange translation losses on the group’s USD-denominated borrowings.
The company posted a loss before taxation (LBT) of RM368.2m and a net loss of RM485.6m. Excluding the effect of the unrealised foreign exchange translation, the group would have reported LBT of RM11.3m and a net loss of RM128.7m.
Revenue in the leisure and hospitality segment in Malaysia was down 1 per cent to RM1.17bn (US$263.8m), while adjusted EBITDA was down 7 per cent, to RM490.4m (US$110.57m). The company attributed this to higher operating expenses during the period.
For the full year, Genting Malaysia’s revenue increased by 7 per cent to RM10.7bn (US$2.41bn) while adjusted EBITDA grew by 1 per cent to RM2.92bn (US$658.4m). In Malaysia, the group’s leisure and hospitality operations reported a 6 per cent growth in revenue to RM6.28bn (US$1.42bn) while adjusted EBITDA was up 1 per cent to RM2.1bn (US$473.5m).
