Genting Q1 pre-tax profit slips to RM1.46b

Genting Bhd's pre-tax profit slipped to RM1.457 billion in the first
quarter ended March 31, 2012 compared to RM1.89 billion in the same
period last year.

Revenue eased to RM4.421 billion from RM4.889
billion during the quarter under review, the group said in a filing to
Bursa Malaysia here today.

It said lower revenue was recorded from all the business segments except for the property division.

The
group said revenue from Resorts World Sentosa was lower mainly due to
lower win percentage and business volume in the premium player business.

However,
revenue from the non-gaming segment, which includes Universal Studios
Singapore and the hotels, registered growth, it said.

For
leisure and hospitality business in Malaysia, it was also lower due to
weaker hold percentage in the premium players business despite an
overall higher volume of business.

Revenue from the power division also decreased mainly due to lower dispatch by the Meizhou Wan power plant, it said.

Lower revenue was also recorded by the plantation division due to softening of palm product selling prices.

Moving
forward, the group will focus on yield management practices in growing
the business while initiatives are ongoing to expand the customer
database to attract more visitations to Resorts World Genting. --
Bernama