Genting Bhd posts Q3 net loss of RM275m on impairment loss

KUALA LUMPUR: Genting Bhd swung into the red in the third quarter ended Sept 30, 2018 with net losses of RM275.79mil mainly due to impairment losses on the group’s investment in the promissory notes issued by a native American tribe for the development of an integrated gaming resort in the US on a piece of tribal land.

This was in stark contrast with a net profit of RM190.04mil a year ago. Loss per share was 7.18 sen compared with earnings per share of five sen.

In its statement to Bursa Malaysia on Friday, Genting said loss before tax was RM268.6mil compared with profit before tax of RM818mil a year ago.

“The loss was due mainly to impairment loss of RM1.834bil on Genting Malaysia Bhd (GENM) Group’s investment in the promissory notes issued by the Mashpee Wampanoag Tribe," it said.