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Malaysia's Genting profit drops 20 pct on weaker hospitality business
August 28, 2014 / 11:46 AM / 3 years ago

Malaysia's Genting profit drops 20 pct on weaker hospitality business

KUALA LUMPUR, Aug 28 (Reuters) - Malaysian conglomerage Genting Bhd reported a 20 percent fall in second-quarter net profit due to lower earnings from its leisure and hospitality business in Malaysia, Britain, the United States and Bahamas.

Net profit declined to 372.0 million ringgit ($118.1 million) in the April-June period from 466.3 million ringgit in the same quarter a year earlier. Revenue rose 2 percent year-on-year to 4.4 billion ringgit, Genting said in a stock exchange filing on Thursday.

The company, whose businesses also include plantations, has declared an interim single-tier dividend of 1 sen per share. None was declared during the first half of last year.

Genting, which owns one of the world’s most profitable casinos in Singapore, has been spending heavily to expand its gaming and hospitality businesses in the United States and South Korea.

It is now eyeing Japan, which is preparing to allow casinos to open up and has the potential to become the world’s second-biggest gaming market, worth $15 billion a year.

Genting shares have fallen 5.85 percent this year to date, compared with a 0.29 percent rise in the Kuala Lumpur benchmark index. (Reporting By Yantoultra Ngui and Al-Zaquan Amer Hamzah; editing by Jane Baird)

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