Thursday, November 25, 2010

Genting Bhd earnings double, boost from RWS

KUALA LUMPUR: GENTING BHD []'s earnings doubled to RM765.92 million in the third quarter ended Sept 30, 2010 from RM371.33 million a year ago, boosted by its leisure and hospitality operation in Singapore -- Resorts World Sentosa (RWS).

Genting said on Thursday, Nov 25 that there was also a one-off net gain of RM413.6 million arising from deferred consideration. Net impairment losses amounted to RM250.6 million.

It said revenue rose 63% to RM3.91 billion from RM2.40 billion. Profit before tax rose 76% to RM1.418 billion from RM805.5 million. Earnings per share were 20.72 sen compared with 10.05 sen.

Overall revenue from the leisure and hospitality operations rose 89% to RM3.11 billion from RM1.644 billion a year ago.

The increases were mainly due to the commencement of RWS in Singapore in the first quarter.'' But revenue from Resorts World Genting decreased mainly due to lower business volume and weaker luck factor in the premium players business.

Profit before tax from the leisure and hospitality division was RM1.35 billion, up 84% from RM732.9 million, with Singapore accounting for RM800.8 million (compared with pre-tax loss of RM62.9 million a year ago).

The power division reported pre-tax profit of RM146.9 million in 3QFY10 (RM1501 million in 3QFY09); PLANTATION [] RM112.7million (RM85.2 million),investments and others were lower at RM72.5 million (RM128 million).

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