Genting Malaysia to post core net loss of US$93.5m, analysts say

Maybank Investment Bank forecasts that Genting Malaysia will record a core net loss of US$93.5m for 2021.

Malaysia.- Genting Malaysia Bhd could record a full-year core net loss of MYR384.8m (US$93.5m) in 2021, compared to a core net profit of MYR137.9m in 2020.

Maybank Investment Bank said the company will see its earnings recover in 2022 thanks to the opening of Genting SkyWorlds, Genting Malaysia’s new outdoor theme park. It expects company EBITDA to grow by 131 per cent year-on-year. 

Fitch Ratings Inc. has previously reported the casino operator could recover from the Covid-19 pandemic “in one or two years” if it maintains financial discipline and operating flexibility.

Due to the Covid-19 pandemic, Genting Malaysia suspended operations from January 2021 until February 16 and implemented salary cuts for staff from March to May inclusive to reduce costs.

In 2020, revenue declined 57.3 per cent to MYR4.53bn.