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NewsHighlight Genting's outlook to remain 'cautiously optimistic'
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Highlight Genting's outlook to remain 'cautiously optimistic'
by Cals Sat 30 Apr 2016, 03:01
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[size=28]Genting's outlook to remain 'cautiously optimistic'
By Christina Ramani / theedgemarkets.com | April 29, 2016 : 11:43 AM MYTKUALA LUMPUR (April 29): Genting Group's outlook is to remain "cautiously optimistic", said its chairman Tan Sri Lim Kok Thay.
In a statement today, Lim said the tight labour market, inflationary cost pressures and volatile foreign exchange rates are some of the key areas we will monitor closely and manage.
In 2015, Genting's revenue of RM18.1 billion declined by 0.5% compared to the previous year while their earnings before interest, tax, depreciation and amortisation (EBITDA) of RM6.3 billion took a 4.55% hit.
Meanwhile, it gave out dividend payouts of 3.5 sen per ordinary share of 10 sen each.
On Genting's plans in the energy sector, particularly oil and gas, Lim said efforts are being made to increase efficiency and trim costs in that sector until direction of global oil prices shows better visibility.
"In view of the downward trend in oil prices, the performance of our oil producing asset, Chengdaoxi Block, in China may be impacted," he said.
The chairman also mentioned that besides developing core businesses, the Group would also be looking for new areas for business growth, pinpointing genomics as an area that it would potentially explore.
At 11.20am today, Genting fell 11 sen or 1.23% to RM8.84 with 1.88 million shares done.
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