The Genting conglomerate overcame lower revenues from its US leisure and hospitality business to post a 220% jump in net profit for the fourth quarter.
Malaysia-based Genting Bhd (KL: 3182), whose far-flung holdings include casinos in Malaysia, Singapore, the UK and the US, reported a drop in quarterly revenue year on year from RM4.82 billion to RM4.49 billion (US$1.55 billion/HK$11.2 billion). Pre-tax profit for the group on continuing operations was down 22% to RM1.35 billion. Profit surged, however, to RM2.48 billion ($798.5 million/HK$6.18 billion).
Full-year net profit rose to RM3.98 billion ($1.28 billion/HK$9.93 billion) from RM2.87 billion, overcoming a decline in total revenues from RM18.58 billion to RM17.26 billion ($5.56 billion/HK$43.06 billion).
The company’s Genting Malaysia unit (KL: 4715) posted a 27.6% increase in fourth-quarter net profit to RM445.69 million on the disposal of certain financial assets. Revenue for the year was down 7% to RM7.983 billion as a result of costs associated with the completion of the Resorts World New York City racetrack casino.
Revenue from the leisure and hospitality business in Britain was up by RM260.5 million, largely on higher business volume at its London casino operations.
Revenue from leisure and hospitality in Malaysia was up 1% due to improved volumes at Casino de Genting outside Kuala Lumpur.
The board of directors has recommended a final dividend of 4.5 sen per share for the quarter. Pending the board’s approval, total dividends for 2012 will amount to eight sen per share.
