Gent­ing first half earn­ings re­treat

The Star Malaysia - StarBiz - - News -

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.

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