Thursday, May 26, 2011

Genting Bhd 1Q net profit surges 254% to RM824.17m from yr ago

KUALA LUMPUR: GENTING BHD []'s net profit surged 254% to RM824.17 million in the first quarter ended March 31 from RM232.43 million a year ago when the net profit then was affected by net impairment losses.

It said on Thursday, May 26 that revenue rose 57.2% to RM4.89 billion from RM3.11 billion while earnings per share were 22.25 sen compared with 6.29 sen.

'The group's profit before tax in 1QFY11 was RM1.9 billion compared with RM200.0 million in 1QFY10,' it said.

Genting Bhd said in the 1QFY10, the group's profit before tax included some significant one-off items, namely a net impairment loss of RM1.303 billion and a net gain on dilution of RM436.3 million from the dilution of the company's shareholding in Genting Singapore PLC when convertible bonds that were issued by Genting Singapore were fully converted into new ordinary shares of Genting Singapore.

'The adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was RM2.4 billion in 1QFY11 versus RM1.4 billion in 1QFY10, an increase of 74%,' it said.

It said the leisure and hospitality division remains the key revenue and earnings contributor to the group, with a significant increase in contribution in 1QFY11 from Resorts World Sentosa in Singapore.

RWS posted strong revenue growth and experienced good win percentage and gaming volume in 1QFY11, as well as saw steady growth in Universal Studios Singapore and the hotels.

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