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Genting Msia's Q2 revenue increases seven-fold
Ganeshwaran Kana • Aug 27, 2021
PETALING JAYA: Genting Malaysia Bhd’s revenue for the second quarter ended June 30 (Q2) leapt by more than seven times to RM817.9mil from RM114.9mil in the same quarter a year ago.
Its net losses also narrowed to RM348.1mil from a net loss of RM900.4mil in the same quarter a year ago.
The group said its adjusted earnings before interest, taxation, depreciation and amortisation recovered to RM45.6mil.
It highlighted that the severe impact of the Covid-19 pandemic on the group’s business in Q2 had resulted in the temporary closure of its resort operations worldwide.
“Revenue from the leisure and hospitality business in Malaysia more than doubled to RM237.9mil while adjusted loss before interest, taxes, depreciation and amortisation improved by 56% to RM94.2mil.
“This was mainly due to the easing of operational restrictions at Resorts World Genting (RWG) in addition to an increase in interstate travel as compared to the second quarter of 2020, which was adversely impacted by the three-month suspension of the group’s operations,” it said in a statement.
Genting Malaysia also said it reported payroll and related cost savings from lower headcounts in the period.
“However, Resorts World Genting (RWG) has been temporarily closed since June 1, 2021 in compliance with the government’s implementation of a nationwide total lockdown amid a resurgence of Covid-19 cases in the country,” the group said.
The group said it maintains its cautious stance on the near-term prospects of the leisure and hospitality industry.
“In Malaysia, the government’s announcement of a nationwide total lockdown will significantly impact the group’s business following the temporary closure of RWG since June 1,” it said.
Source:
Kana, B. G. (2021, August 26). Genting M’sia Q2 revenue up seven-fold. The Star. https://www.thestar.com.my/business/business-news/2021/08/27/genting-msia-q2-revenue-up-seven-fold#close
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