Genting Malaysia profit down 58.4% in 4Q19

Despite a poor performance in the last quarter of the year, the company posted a full year profit of MYR1.40 billion.

Malaysia.- Genting Malaysia published its 4Q19 results on Thursday, revealing a substantial 58.4% year on year decline in net profit due to a slight dip in net revenue during the period

Despite this decline, for the full-year ending December 31, the group recorded a net profit of MYR1.40 billion compared to a loss of MYR19.6 million the previous year.

The operator said it remained optimistic for 2020, but raised concerns over the on-going Coronavirus crisis impacting the gaming, entertainment and hospitality sectors.

“The expansion of the global economy is expected to modestly improve in 2020 as market sentiments gradually recover following potentially lower global trade tensions.

“However, downside risks are more pronounced due to heightened global concerns over the impact of the Coronavirus Disease 2019 (COVID-19) on the global economy. Additionally, concerns over protracted geopolitical tensions and policy uncertainties remain,” Genting Malaysia said in a statement.