Genting Malaysia saw its net profit more than double during the first three months of 2017, pointing to “better hold percentage for the mid to premium segment of the business” and “lower foreign exchange translation losses on its USD denominated assets” for its improved performance.
The Company announced profit for the financial period of RM294.9 million, a 104.6% rise on the RM144.1 million it made 12 months earlier. Revenues for 1Q17 reached RM2,223.8 million, up slightly year-on-year from RM2,214.3 in 1Q16, with adjusted EBITDA up 27% to RM564.8 million and profit before tax up 31% to RM344.3 million.
Despite ongoing costs at its flagship Resorts World Genting due to development works under its the Genting Integrated Tourism Plan (GITP), the property welcomed 4.9 million visitors in 1Q17 with hotel occupancy above 90% amidst an increase in room inventory.
The period included the launch of the SkyPlaza, which boasts five levels of retail, F&B, leisure and entertainment options. Resorts World Genting’s indoor theme park and retail outlets in First World Plaza remain closed as they undergo a complete makeover, with re-opening scheduled for 2018.
The Group saw a 9% increase in revenue to RM381 million from its US and Bahamas operations , while its UK revenue declined 12% to RM467.3 million.
In its Bursa Malaysia filing, Genting Malaysia said the future outlook was positive ahead of the progressive launch of a revamped Resorts World Genting over the next 18 months.
“In Malaysia, the Group continues to focus on the development of GITP as the remaining facilities and attractions will open progressively from this year onwards, complementing the new and existing attractions,” it said. “The significant expansion and redevelopment under the GITP, once completed, is expected to elevate RWG’s position as the destination of choice in the region.
“Meanwhile, the Group remains committed on optimizing overall operational efficiencies, yield management and database marketing efforts as well as enhancing service delivery at RWG.”
