Genting posts lower net profit to Rm694mil

KUALA LUMPUR: Genting Bhd recorded a lower year-on-year (yoy) quarterly net profit for its first quarter ended March 31 to RM693.63mil from RM824.18mil on the back of revenues also declining to RM4.42bil from RM4.89bil respectively.

The company said that lower revenue was recorded from all its business segments except for the property division which recorded higher revenue due to better demand for the Genting Plantations Bhd’s industrial and commercial properties.

“The (property) division’s revenue also included rental income from properties owned by the Genting Malaysia Bhd in Miami, Florida which Genting Malaysia had acquired in the second quarter of 2011. The higher revenue contributed to a higher EBITDA (earnings before interest, taxes, depreciation and amortisation) from this division,” it said in a statement yesterday.

Genting’s profit before tax also included a gain on disposal of subsidiaries of RM174.3mil arising from the disposal of the company’s indirect 100% equity interests in Genting Oil Natuna Pte Ltd and Sanyen Oil & Gas Pte Ltd to AWE Ltd.