KUALA LUMPUR: Gaming and hospitality operator Genting Malaysia Berhad posted its financial results for the second quarter and the first half of this fiscal year. Revenue for the three months ended June 30 amounted to MYR1.98 billion, up 4% as compared to the MYR1.91 billion posted for the same period a year ago.
Revenue from the company’s Malaysian leisure and hospitality operations amounted to MYR1.29 billion, up 1% year-on-year. UK operations generated a total of MYR295.4 million, down 2% as compared to the three months ended June 30, 2014. US and Bahamas operations contributed MYR310.9 million during the period in review, posting a 23% increase.
The company’s adjusted EBITDA decreased 5% to reach MYR436 million. In comparison, the amount of MYR461.2 million was posted for the second quarter of 2014.
Profit before taxation totaled MYR271.2 million, down 15% from the MYR318.8 million reported for the same period a year ago. Profit for this year’s second quarter was MYR223.3 million, down 8%.
Revenue for the first half of the year increased 4% to MYR4.08 billion. Genting’s Malaysian leisure and hospitality operations generated a total of MYR2.69 billion, up 2% year-on-year. Revenue at the company’s UK-based venues dropped 5% to MYR651.1 million. Revenue from the US and the Bahamas totaled MYR624.7 million, up 23% from MYR509.6 million posted for the first half of 2014.
Adjusted EBITDA decreased 2% year-on-year and the amount of MYR1.04 billion was reported for the period in review.
Profit before taxation amounted to MYR746.4 million, down 5% as compared to the figure posted this time last year. Profit for the first half of 2015 dropped 2% to MYR581.5 million.
Genting said that it would continue focusing its attention on the growth of its crucial business segments in Malaysia. In order to achieve this, it would deploy enhanced capabilities, with database analytics and certain management systems included. It would also introduce new services and products in order to improve customer experience. The operator also pointed out that work on the MYR5-billion Genting Integrated Tourism Plan is progressing quite well.
As for its UK operations, the company is determined to further grow its business and improve operational efficiency. Resorts World Birmingham, the first integrated resort to open doors within the country’s borders, is expected to have its official launch in the final quarter of the year.
In the US, Resorts World New York City is still the state’s market leader by revenue. The company said that it would keep on enhancing its “direct marketing efforts” and introducing promotional activities in order to draw new customers and to increase visitation frequency.
As for Genting’s Bahamas operations, the operator would take further measures to improve customer experience and to increase revenue. More hotel rooms will be added to the already available 300 ones at Resorts World Bimini.
