Genting posts 31% drop in Q2 pre-tax profit


  • Business
  • Thursday, 28 Aug 2003

By ELAINE ANG

Genting Bhd recorded a 31.7% drop in pre-tax profit to RM287.8mil for the second quarter ended June 30 from RM421.7mil in the corresponding quarter last year. However, revenue rose 16.9% to RM1.02bil, from RM869.8mil before. 

Group pre-tax profit for the first six months ended June dipped 12.4% to RM686mil from RM783mil in the corresponding period last year while revenue was up 13.1% to RM1.99bil, from RM1.766bil before. 

The company declared an interim dividend of 7 sen per share less tax.  

Resorts World Bhd, a Genting unit, saw its pre-tax profit plunge 54.6% to RM129.6mil in the second quarter ended June 30, from RM285.66mil in the corresponding quarter in 2002. Revenue fell 10.2% to RM614.2mil, from RM683.6mil previously. 

The lower profit before tax is mainly attributable to decreased profits from the leisure and hospitality segment, and share of losses from associate company Star Cruises Ltd. 

For the cumulative six months, pre-tax profit fell 36.2% to RM317.8mil, from RM498.4mil in the corresponding period a year ago, while revenue dipped 8% to RM1.3bil, from RM1.41bil before.  

The company declared an interim dividend of 8.5 sen per share.  

Meanwhile, Asiatic Development Bhd reported that pre-tax profit rose to RM51.7mil for the second quarter ended June 30 compared with RM24.8mil in the corresponding quarter last year. Revenue rose 42.5% to RM96mil.  

Pre-tax profit for the six months to June 30 jumped 143% to RM113.2mil, and revenue 109% to RM265.8mil.  

Genting International plc recorded a 19% increase in pre-tax profit to US$2.8mil for the six months ended June, while revenue expanded to US$3.8mil. 

The increase in revenue and profit was mainly due to its leisure and hospitality activities and higher interest earned from investment activities. 

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