Negative factors: A view of Genting Singapore’s Resorts World Sentosa casino and hotel. A provision of RM198mil for the now-defunct 21st Century Fox-branded outdoor theme park, a decline in Resorts World Sentosa’s gaming business and weaker prices of palm oil products were among the key factors that dragged down the Genting group’s total earnings in the first quarter. — Reuters
The Genting group of companies, one of Malaysia’s most cash-rich conglomerates, begins its current financial year with a dent in its bottom line.
The first quarter of financial year 2019 (1Q19) has been unfavourable to the group, as its three listed entities in Malaysia and one in Singapore all registered lower net profits on the back of a slew of operational headwinds.
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