Genting first-half net profit increases 11pc - Friday 12th of August 2005

GENTING Bhd, which operates a casino, hotels and power plants, said first-half net profit rose 11 per cent as its property, oil and gas, manufacturing and leisure and hospitality divisions showed better performances.

“In line with the Government’s continued policy to promote Malaysia as an international tourist destination and barring unforeseen circumstances, the leisure and hospitality division’s performance is expected to be satisfactory for the remaining period of the year,? the company said in a statement.

It also expects improvement from other divisions of the group.

Genting reported a net profit of RM494.4 million for the six months to June 30 2005, from RM447.4 million in the previous corresponding period.

Revenue for the period under review rose to RM2.55 billion from RM2.31 billion the last time.

Revenue in the leisure and hospitality division grew 11 per cent due to higher tourists arrivals. However, profit improved marginally due to higher promotional and marketing activities.

Meanwhile, the plantations divisions reported lower profits due to lower crude palm oil (CPO) prices.

Lower profits were also posted by the power division due to higher costs incurred on maintenance works.

Genting’s profit level was also influenced by RM25.8 million of compensation from land acquisition by the Government and RM17.3 million from the disposal of shares in NCL Holdings

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