BUSINESS

GENTING Q1 NET PROFIT SLIPS 6.8 PER CENT TO RM561.64 MILLION

23/05/2019 09:28 PM

KUALA LUMPUR, May 23 (Bernama) -- Genting Bhd saw its net profit slipped 6.8 per cent to RM561.64 million in the first quarter ended March 31, 2019 compared with RM602.7 million in the same quarter last year.

Group revenue was RM5.57 billion, an increase of six per cent over that of the previous year’s corresponding quarter of RM5.25 billion.

In a statement, Genting said increased revenue from Resorts World Genting (RWG) was mainly attributed to an exceptionally high hold percentage in the mid to premium players segments.

However, the overall volume of business from the gaming segment declined during the quarter due to a reduction in incentives offered to the players as part of the cost rationalisation initiatives.

Meanwhile, Genting Malaysia Bhd also reported a lower net profit of RM268.28 million for the first quarter versus RM358.237 million it posted in the first quarter of 2018.

Revenue was up at RM2.73 billion compared with RM2.39 billion previously.

“The Malaysian leisure and hospitality business registered the overall lower volume of business in the group’s gaming segment, largely due to lower incentives offered to customers.

“However, the impact to the group’s earnings was aided by an exceptionally higher hold percentage recorded in the mid to premium players segments,” it said in a statement.

In Malaysia, it said Genting Malaysia would continue to review its capital expenditure requirements and rationalise its operating cost structure to mitigate the impact of the hike in casino duties and the increasingly challenging operating environment.

“Additionally, the group will focus on leveraging the new assets to grow key business segments. To this end, the group will place emphasis on intensifying database marketing efforts to optimise yield management, as well as improving service delivery and operational efficiencies at RWG to enhance the overall guest experience,” it said.

In the United Kingdom, the group remains committed to streamlining its operations and improving overall operational efficiency to strengthen its position in the country, it added.

-- BERNAMA


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