KUALA LUMPUR: Genting Bhd posted larger losses in the third quarter due to the temporary closure of Resort World Genting (RWG) and higher depreciation and net financing costs related to the opening of Resort World Las Vegas (RWLV).
The group was however “encouraged by the positive reception” after the resumption of business operations of RWG since September 30th.
“Given the increasing number of visitors to RWG since it reopened, the group will increase its operating capacity by leveraging existing assets,” Genting said in a statement today.
For the three-month period ending September 30, Genting reported a loss of RM 344.5 million compared to a loss of RM 130.7 million in the same quarter of the previous year.
Sales rose to RM 3.5 billion compared to RM 3.3 billion a year ago.
The latest quarterly results showed that the revenue contribution of the leisure and hospitality business in Malaysia increased by 99% from 1.18 billion RM to only 16 million RM.
The RWLV opened its doors to the public on June 24th and thus the results of the 3rd quarter 21 are the first complete quarterly results since its opening. It had sales of nearly $ 175 million, or RM 723 million.
Meanwhile, the Group’s operations in Singapore contributed RM780 million to sales, while the UK and Egypt contributed RM409 million.
Genting’s palm oil business contributed around 716 million RM to sales in the quarter, followed by the electricity sector with 336 million RM.
Oil and gas, real estate and other investments generated revenue of approximately RM150 million for the quarter.
Led by Tan Sri Lim Kok Thay, the Genting Group operates in the recreational and hospitality, palm oil plantation, power generation, oil and gas, real estate development, life sciences and biotechnology sectors.
Its activities extended across the globe including Malaysia, Singapore, Indonesia, India, China, the United States of America, the Bahamas, the United Kingdom and Egypt.
The Genting Group includes Genting Bhd, Genting Malaysia Bhd, Genting Plantations Bhd and Genting Singapore Ltd and its wholly owned unlisted subsidiaries Genting Energy Ltd and Resorts World Las Vegas LLC.
