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Malaysia's Genting Q2 falls on weak power ops

Thu Aug 28, 2008 6:11am EDT

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KUALA LUMPUR, Aug 28 (Reuters) - Malaysian leisure group Genting Bhd (GENT.KL) reported on Thursday a 46 percent drop in quarterly profit, dragged down by weaker performance of its power division.

Genting, whose business interests span from gaming to power and plantation, earned 291.04 million ringgit or 7.86 sen a share for the second-quarter to June 30. That compared with 542.5 million ringgit or 14.68 sen a share in the year-ago period.

Genting's full year net profit was expected to nearly halve to 1.59 billion ringgit or 43.5 sen a share against 3 billion ringgit or 81.03 sen in fiscal 2007, according to Reuters Estimates.

It said it would pay a 3 sen dividend for the quarter.

Genting, which owns Malaysia's sole casino license, is currently building a $4.4 billion casino resort in neighbouring Singapore.

In June, the Malaysian firm launched its first online casino brand, CircusCasino.com, in the United Kingdom despite a shaky industry outlook after online gambling was banned by the United States two years ago.

Genting shares were down 14.5 percent during the April to June period, underperforming the benchmark index's .KLSE 4.9 percent drop. Genting shares closed 3.6 percent lower at 5.30 ringgit before the results were released. (Reporting by Soo Ai Peng;)



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