Genting Q1 net profit down 43 percent, normalizing after one-off gain last year
KUALA LUMPUR (Reuters) - Genting Bhd (GENT.KL), Malaysian gaming and plantation group, posted a 42.6 percent fall in first-quarter profit, normalizing after a one-off gain from the disposal of its oil and gas units in the same quarter last year.
Genting earned 397.84 million ringgit ($129.17 million)in the three months that ended in March, compared with 693.63 million ringgit a year earlier, according to a local stock exchange filing on Thursday. No forecast was available for the quarter according to Thomson Reuters I/B/E/S.
Revenue fell 2.8 percent to 1.43 billion ringgit from a year ago, hit by weaker performance in plantations and leisure business in Singapore and the United Kingdom.
Its Singapore gaming unit Genting Singapore PLC (GENS.SI) posted on May 2 a 35 percent fall in core earnings and missed market estimates as premium gamblers got lucky and won more of their bets.
Shares in Genting are up about 12.83 percent so far this year, while Genting Singapore rose 6.14 percent. ($1 = 3.0800 Malaysian ringgits)
(Reporting By Yantoultra Ngui; Editing By Niluksi Koswanage)
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