Genting Bhd. (3182.KU), a Malaysian casino and resort operator, reported Thursday its third-quarter net profit declined 22% and gave a cautious outlook on its mainstay leisure and hospitality business because of the slowing global economy.
Net profit for the three months ended September was MYR597.2 million, down from MYR765.9 million as its year-earlier results were boosted by a one-off gain from the sale of a unit, while revenue increased 32% to MYR5.14 billion from MYR3.91 billion, according to a stock exchange filing.
Genting said its third-quarter results included a gain of MYR77.6 million from the disposal of financial assets and a smaller net impairment loss. During the same quarter last year, it recorded a net gain of MYR413.6 million from the sale of Cairns Ltd.
Genting Malaysia Bhd. (4715.KU), the listed unit that operates its Malaysian casinos, reported a net profit of MYR347.1 million for the quarter ended Sept. 30, up 3.2% from MYR336.4 million a year earlier. Revenue surged 93% to MYR2.32 billion from MYR1.20 billion.
Genting said revenue from the leisure and hospitality segment mainly came from an increase in both gambling and non-gambling businesses in Singapore, while its Malaysian casinos saw higher overall volume and a better hold percentage in the premium players segment, and construction revenue from the Aqueduct Racetrack in the U.S.
Genting Malaysia will "continue to tap on the regional growth in the premium players business," the company said.
The company will add more floors of gaming facilities, event space and new dining offerings to its Resorts World Casino in New York by the end of 2011, effectively doubling the resort's gaming capacity, Genting Malaysia said.
Genting, which also operates power plants and plants oil palm, said it expects the performance of its power division to remain stable as increases in tariff rates and generation hours are helping to counter increases in coal prices.
It said it expects production of fresh oil palm fruit bunches to enter into "a more moderate phase" due to seasonal patterns, while its Indonesian plantation land is set to enter into maturity by year-end that will bode positively for production growth and returns in the longer term.
Net profit for the three months ended September was MYR597.2 million, down from MYR765.9 million as its year-earlier results were boosted by a one-off gain from the sale of a unit, while revenue increased 32% to MYR5.14 billion from MYR3.91 billion, according to a stock exchange filing.
Genting said its third-quarter results included a gain of MYR77.6 million from the disposal of financial assets and a smaller net impairment loss. During the same quarter last year, it recorded a net gain of MYR413.6 million from the sale of Cairns Ltd.
Genting Malaysia Bhd. (4715.KU), the listed unit that operates its Malaysian casinos, reported a net profit of MYR347.1 million for the quarter ended Sept. 30, up 3.2% from MYR336.4 million a year earlier. Revenue surged 93% to MYR2.32 billion from MYR1.20 billion.
Genting said revenue from the leisure and hospitality segment mainly came from an increase in both gambling and non-gambling businesses in Singapore, while its Malaysian casinos saw higher overall volume and a better hold percentage in the premium players segment, and construction revenue from the Aqueduct Racetrack in the U.S.
Genting Malaysia will "continue to tap on the regional growth in the premium players business," the company said.
The company will add more floors of gaming facilities, event space and new dining offerings to its Resorts World Casino in New York by the end of 2011, effectively doubling the resort's gaming capacity, Genting Malaysia said.
Genting, which also operates power plants and plants oil palm, said it expects the performance of its power division to remain stable as increases in tariff rates and generation hours are helping to counter increases in coal prices.
It said it expects production of fresh oil palm fruit bunches to enter into "a more moderate phase" due to seasonal patterns, while its Indonesian plantation land is set to enter into maturity by year-end that will bode positively for production growth and returns in the longer term.
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