Genting posts improved Q2 results, but gaming outlook remains challenging 


KUALA LUMPUR: Genting Bhd reported improved results across its major operating divisions in the second quarter, but huge impairment charges and higher expenses kept the group in the red.

For the three month ended June 30, Genting made a loss of RM563mil compared with a loss of RM786mil a year ago.

Revenue was up at RM2.93bil from RM1.1bil previously, boosted by its leisure and hospitality division, the group said in a statement today.

Adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) for 2QFY21 was RM956mil, a turnaround from a loss in 2QFY20.

The group impairment loss ballooned to RM300mil from RM86mil a year ago, while other expenses shot up to RM856mil from RM506mil.

On its outlook, Genting said challenges to global growth persist given ongoing concerns surrounding the evolving Covid-19 situation worldwide and potential risks of heightened financial market volatility.

"In Malaysia, economic recovery is expected to be delayed by the earlier re-imposition of containment measures nationwide and increased spread of Covid-19," it said.

It noted that international travel has shown early signs of revival, but the recent Covid-19 developments will continue to pose uncertainties to the outlook for the tourism, leisure, and hospitality sectors.

"The regional gaming market is expected to remain challenging in the short-term," Genting said.

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