Genting Q3 revenue: 3.9B HKD, up 4.1%

Sona59

According to foreign reports, Malaysia's Genting Group has stated that its business has benefited from the reopening of borders on April 1st this year. Additionally, Resorts World Genting, which opened in February, has contributed to the increase in the group's Malaysia business revenue. In the third quarter of this year, the revenue increased by 174.9% year-on-year, reaching nearly 2.27 billion Malaysian Ringgit (approximately 3.88 billion Hong Kong dollars), with a quarterly growth of 4.1%. However, the company still reported a net loss.

The report mentioned that in the third quarter of the previous year, due to the impact of the pandemic, Resorts World Genting had to suspend operations from June 1st to September 29th. Additionally, travel restrictions were imposed nationwide, severely affecting Genting's revenue in the third quarter of the previous year, resulting in a loss of 307 million Malaysian Ringgit. While there was an increase in revenue in the third quarter of this year, a net loss was still recorded. The net loss attributable to shareholders was slightly lower at around 8.2 million Malaysian Ringgit (approximately 14 million Hong Kong dollars), compared to a net loss of 1.9 million Malaysian Ringgit (approximately 18.6 million Hong Kong dollars) in the previous quarter.

The report also indicated that the adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for Genting's Malaysia operations in the third quarter declined by 1.6% to 609.8 million Malaysian Ringgit (approximately 1.042 billion Hong Kong dollars), compared to 537 million Malaysian Ringgit in the same period last year.

Genting expressed optimism about the long-term prospects of the leisure, tourism, and hotel industry but warned about the uncertainties in the global economy in 2023, as well as the pressures of economic downturn and inflation, which may pose challenges to the industry. This suggests that Malaysia is relying on domestic demand to support economic growth due to a soft external environment. The group also added that while international tourism is expected to continue improving, ongoing headwinds in the global economy and some countries' pandemic management measures may affect the demand for international tourism, potentially presenting some setbacks in the regional gaming market.

Maybank Investment Bank in Malaysia had earlier stated that if China reopens its borders, allowing Chinese residents to resume outbound tourism, the Genting Group could be one of the beneficiaries.

977Iti

Quarterly growth is still quite high.

Shri

A 4% growth is still considered decent.

Yamini003

It's not easy to grow, especially when the market seems to be in a downturn. It's a challenging time.

Ritu13

It seems that it wasn't affected by the mask controversy and actually experienced growth.