Genting Q3 net profit surges - Sunday 27th of November 2005
GENTING Bhd posted a 68 per cent jump in third-quarter net profit, helped by improved showings from its main businesses and a gain from its investment in the UK’s biggest casino operator.
Genting is optimistic that all of its divisions will perform satisfactorily for the rest of its financial year, it said in a statement to Bursa Malaysia Bhd.
Its leisure and hospitality division, where it operates a hill-top resort and casino, is also benefiting from the Government’s continued policy to promote Malaysia as an international tourist destination.
Genting made a net profit of RM405.9 million for the quarter to September 30 2005, compared with RM241.3 million in the same quarter a year ago.
The better performance was driven by its leisure and hospitality division, property business, and its oil and gas divisions. It was also bolstered by a RM114 million gain from the return of cash by Stanley Leisure to its shareholders in September 2005.
Revenue for the quarter under review rose 29 per cent to RM1.5 billion, from RM1.1 billion in the previous corresponding period.
All divisions recorded increases in revenue, except for the plantation and power divisions.
For the nine-month period, Genting posted a 31 per cent rise in net profit to RM900.3 million, from RM688.8 million previously.
Revenue similarly improved 16 per cent to RM4 billion, as against RM3.5 billion in the same period last year.
At the close of trading yesterday, Genting closed 30 sen higher at RM21.50 with 3,636 lots traded.
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