Genting's net profit jumps on sale of Malaysia power business

KUALA LUMPUR Thu Feb 28, 2013 8:01am EST

KUALA LUMPUR Feb 28 (Reuters) - Malaysian gaming and plantation group Genting Bhd said its net profit more than tripled in the fourth quarter of 2012 thanks to the sale of its power business in Malaysia.

Net profit rose to 2.48 billion ringgit ($799.6 million) in the quarter to end-December, while revenue declined 6.89 percent to 4.49 billion ringgit, the group said on Thursday.

The group in August announced a deal to sell its local power and utility unit for 2.3 billion ringgit in cash, along with six parcels of industrial land, to state development firm 1Malaysia Development Bhd. It said at the time it expected to record a one-off net gain of 1.9 billion ringgit.

For the full year, net profit rose 38.9 percent to 3.98 billion ringgit, while revenues dropped 7.11 percent, according to the filing.

The company proposed a dividend of 4.5 sen per share.

Genting Bhd's shares closed 0.74 percent higher at 9.49 ringgit on Thursday, compared with the broader market's 0.83 percent rise.

Subsidiary Genting Singapore PLC, Asia's second-largest casino operator by market value, last week reported a 6 percent fall in fourth-quarter core earnings on slightly lower revenue, although it beat forecasts. ($1 = 3.1015 Malaysian ringgit) (Reporting by Yantoultra Ngui; Editing by Edwina Gibbs and Jane Baird)

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