Genting net profit rises to RM5.14b

by **hlk** Wed 29 Feb 2012, 19:21

KUALA LUMPUR: Genting Bhd has registered a net profit of RM5.14 billion for the year ended December 31 2011, compared to RM3.41 billion in the year before.

This was posted on a higher revenue of RM19.56 billion, compared to RM15.19 billion in 2010.

On a quarterly basis, the group posted a net profit of RM1.41 billion in the fourth quarter, compared to RM806.17 million a year ago.

The group's profit for the fourth quarter included a reversal of RM308.6 million in respect of previously recognised impairment loss related to the UK casino licences and a net fair value gain of RM64.4 million on derivative financial instruments.

It also included a loss on discontinuance of cash flow hedge accounting using interest rate swaps of RM145.4 million arising from settlement of interest rate swaps.

On the higher full-year revenue, it was led by higher revenue of the leisure and hospitality division in Singapore, Malaysia, the UK and the US, the group said yesterday.

In a statement, it said revenue from Resorts World Sentosa increased compared with 2010 due to its first full-year of operations last year, resulting to a higher earnings before interest, tax, depreciation and amortisation (Ebitda).

Revenue and Ebitda of the Malaysian leisure and hospitality business was higher due to overall higher volume of business and higher hold percentage in the premium players business.

Construction revenue of RM1.74 billion was generated from the development of Resorts World Casino New York City, with construction profit amounting to RM13.4 million last year.

The increase in revenue of its power division arose mainly from the Meizhou Wan power plant.

The power plant registered higher dispatch and tariff compensation of prior years from the Fujian provincial government arising from an increase in tariff rates.

The plantation division's revenue and Ebitda last year increased due mainly to higher palm products, palm products prices and higher fresh fruit bunch production.

The group has recommended a final gross dividend of 4.5 sen per ordinary share of 10 sen each.

Total dividend payable for last year's financial year, if approved, will amount to eight sen per share of 10 sen share each. By Roziana Hamsawi