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Genting's net loss narrows to RM59.53mil in 2Q

admin2022-08-2911

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KUALA LUMPUR: Genting Bhd’s net loss for the second quarter ended June 30, 2022 (Q2FY2022) narrowed to RM59.53 million from RM563.53 million recorded in the same period last year.

Revenue for the current quarter increased almost two-fold to RM5.67 billion from RM2.94 billion previously, mainly from the leisure and hospitality division, it said in a filing with Bursa Malaysia today.

It said revenue from Resorts World Sentosa (RWS) in Q2FY2022 improved over Q2FY2021 despite the ongoing economic disruptions caused by the COVID-19 pandemic.

"Performance in Q2FY2022 benefited from the reopening of international borders and pent-up demand in gaming and the integrated resort’s tourism offerings,” it said.

Meanwhile, it said revenue from Resorts World Genting (RWG) improved substantially over Q2FY2022 mainly due to higher business volume from the gaming and non-gaming segments following the further lifting of COVID-19-related restrictions and the reopening of national borders since April 1, 2022.

"The opening of Genting SkyWorlds in February 2022 has also contributed to an increase in the non-gaming revenue during Q2FY2022,” it said.

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On prospects, Genting said its 49.4 per cent-owned subsidiary, Genting Malaysia Bhd (GENM), is cautiously optimistic on the near-term outlook of the leisure and hospitality industry but remained positive in the longer-term.

"In Malaysia, GENM will continue to optimise yield contributions by focusing on key business segments and database marketing efforts.

"Following the lifting of COVID-19 restrictions nationwide and the reopening of national borders, GENM will continue to ramp up operations and capitalise on demand for integrated resort offerings,” it said.

Additionally, it said GENM would leverage its assets to attract foreign and domestic visitations to RWG to drive revenue growth.

"Up to three additional rides at Genting SkyWorlds are expected to be commissioned within the fourth quarter of 2022.

"Investments in targeted events and promotions will also be made to drive leisure traffic at RWG,” it added. - Bernama


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