Genting first half earnings retreat
PETALING JAYA: Genting Bhd registered a 12.1% dip in net profit to RM986.22mil for the first half ended June 30 (H1’18) compared to the corresponding period last year, mainly due to a net fair value loss of RM206.1mil on the group’s financial assets.
This was partially mitigated by higher adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) and a share of net profit from joint ventures and associates, compared with a share of net loss in the previous year.
The net profit in the previous year’s first half also included a gain of RM302.2mil recognised from the completion of the disposal of Genting Singapore Ltd’s 50% interest in its associate, Landing Jeju Development Co Ltd, and a gain on disposal of available-for-sale financial assets of RM224.9mil.
In H1’18, Genting’s revenue came in at RM10.07bil, a 4% increase as compared to 1H17.
Revenue and Ebitda from Resorts World Sentosa for H1’18 were comparable with that of the previous year, with growth in both the gaming and non-gaming businesses.
The increase in revenue from Resorts World Genting was due mainly to a higher business volume from the mass market and a higher hold percentage from the mid to premium segments of the business.
The opening of new attractions under the Genting Integrated Tourism Plan (GITP) has also contributed significantly to the increase in revenue.
Consequently, Ebitda increased partially offset by higher operating costs incurred for the new facilities under GITP.
Genting’s board of directors have declared an interim single-tier dividend of 8.5 sen per ordinary share for H1’18.
Meanwhile, Genting Malaysia Bhd posted a 45.6% increase in net profit to RM753.94mil for H1’18, compared to the same period last year.