Genting's share price rises on stable 1Q performance

KUALA LUMPUR: GENTING BHD experienced some share price lift in early morning trade following the release of its quarterly results.

At 9.24am, the FBM KLCI heavyweight rose eight sen or 1.3% to RM6.41 on the back of 172,000 shares.

The group announced yesterday that its 1QFY19 net profit dropped 6.8% year-on-year (y-o-y) to RM561.6mil due to the RM198.3mil provision for termination of contracts by Genting Malaysia.

Revenue had risen 6% with the leisure and hospitality segment posting impressive 19% higher growth.

"At the adjusted EBITDA level, the results were in line with expectations, making up 25% of full-year estimates.

"The performance of its underlying operations remained stable with adjusted EBITDA growing by 2% YoY," said PublicInvest research.

The research house maintained its outperform recommendation on the counter with an unchanged target price of RM8.80.

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