Genting Malaysia 3Q earnings up 3.2% to RM347.1m

by **hlk** Fri 25 Nov 2011, 08:04

KUALA LUMPUR (Nov 24): Genting Malaysia Bhd’s earning edged up 3.2% to RM347.14 million from RM336.42 million a year ago, boosted by the leisure and hospitality business in Malaysia.

It said on Thursday the group’s adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 38% to RM589.9 million from RM428.3 million a year ago.

“The higher EBITDA is mainly attributable to the leisure and hospitality business in Malaysia which recorded an adjusted EBITDA of RM522.9 million, a 25% increase over the corresponding quarter last year of RM419.7 million,” it said.

Genting Malaysia said excluding the CONSTRUCTION [] profit, the group’ adjusted EBITDA would have increased by 32%. The group’s profit before taxation for 3Q11 increased to RM463.1 million, mainly due to the stronger results from the Malaysian operations.

It said on Thursday, revenue jumped 92.5% to RM2.316 billion from RM1.203 billion while earnings per share were 6.13 sen compared with 5.92 sen.

“During the quarter, the group recognised revenue of RM566.9 million in relation to the progressive development of Resorts World Casino New York City (RWNYC). United Kingdom’s revenue contribution was RM332.3 million.

“In Malaysia, the leisure and hospitality business reported RM203.9 million or 17% higher revenue, driven by an increase in both overall volume of business and hold percentage in the premium players business. Excluding the construction revenue, the group’s revenue would have increased by 45%,” it said.

Genting Malaysia said for the nine-month period, its earnings rose 17.9% to RM1.078 billion from RM912.47 million while revenue rose 63.2% to RM6.162 billion from RM3.774 billion.

It said during the nine-month period, RM1.194 billion was recognised in relation to the development of RWNYC. The UK operations contributed RM866.0 million. The Malaysian operations registered 9% higher revenue mainly due to higher hold percentage in the premium players business.

Excluding the construction revenue, the group’s revenue would have increased by 32%. The group’ adjusted EBITDA for the nine months increased by 20% to RM1.746 billion. Excluding the construction profit, the group’s EBITDA would have increased by 16%.