Genting Malaysia Q3 Pre-Tax Profit Rises To RM374.12 Million
KUALA LUMPUR, Nov 21 – Genting Malaysia Bhd reported a higher pre-tax profit of RM374.12 million for the third quarter ended Sept 30, 2014, from RM365.65 million in the same period last year. Its revenue for the quarter rose to RM2.23 billion from RM2.12 billion previously. For the nine months this year, the group reported a lower pre-tax profit of RM1.16 billion from RM1.33 billion in the same period last year, while revenue fell to RM6.17 billion from RM6.21 billion previously.
The group said the Malaysian operations recorded lower revenue due to a lower hold percentage in the premium players business despite an overall higher volume of business. Both the UK and US operations reported an increase in revenue by 15 per cent and four per cent respectively, contributed by favourable foreign exchange movement and higher overall volume of business in the UK, as well as the commencement of the Bimini operations, it said.
It added the group’s lower pre-tax profit by 13 per cent for the nine months was due to its lower adjusted earnings before interest, taxation, depreciation and amortisation contributions, higher depreciation and amortisation charges and higher pre-operating expenses incurred on the applications for licences in New York state.
The group said regional gaming operators in Macau and Singapore recently reported a slowdown in gaming revenues, while overall demand for international tourism remains broadly positive in spite of the recent negative sentiments relating to air travel and virus outbreak. Moving forward, the group is maintaining a cautious stance on the near-term outlook, but remains positive on the longer-term prospects of the leisure and hospitality industry.
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