Only World Group’s profit to be hit by closure of outlets in Genting Highlands

KUALA LUMPUR: Only World Group Holdings Bhd’s total revenue and pre-tax profit for the financial year ended June 30, 2016, will be affected due to temporary closure of its 14 outlets at First World Hotel, Genting Highlands. 

The outlets are temporarily closed due to the on-going redevelopment and transformation of Resorts World Genting. 

In a filing with Bursa Malaysia on Friday, the investment holding company said the outlets, comprising food service, family attraction and retail stores contributed between 39% and 59% to its total revenue and pre-tax profit. 

“The financial impact would be mitigated by the opening of two new food service outlets at Sky Avenue, Resorts World, launch of The TOP at Komtar Tower, Penang, both in December 2016. 

“The group is in the midst of finalising the terms of the tenancy agreement with the landlord for the opening of food service outlets at Genting Premium Outlets, Resorts World,” it added. 

The company said that the closure of the 14 outlets would not have any operational impact on the other outlets and its subsidiaries. 

Only World Group also noted that the landlord would endeavour to relocate the affected outlets in newer areas of Resorts World. - Bernama