In a filing with Bursa Malaysia yesterday, the group said the fall in net profit was partially offset by the gain on disposal of Coastbright Ltd, an indirect wholly owned subsidiary of Genting Malaysia.
However, Genting’s revenue was up 6.09% to RM5.57bil in 1Q19 compared to RM5.25bil previously due to higher revenue from various divisions, including plantations, Resorts World Genting , casino businesses in the United Kingdom and Egypt, as well as leisure and hospitality businesses in the United States and Bahamas.
“The adjusted loss before interest, tax, depreciation and amortisation from investments and other divisions included net foreign-exchange losses on net foreign currency-denominated financial assets which was lower in 1Q19,” the group said.Meanwhile, Genting Malaysia’s net profit also dipped 25.1% to RM268.29mil in 1Q19 compared to RM358.
The group noted that it would continue to review its capital expenditure requirements and rationalise its operating cost structure to lessen the impact of the increase in casino duties amidst a challenging operating environment.“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 overall guest experience,” Genting Malaysia said.