Genting Malaysia's FY21 net loss narrows to RM946.83mil

KUALA LUMPUR: Genting Malaysia Bhd’s net loss was reduced to RM946.83 million for the year ended Dec 31, 2021 (FY2021) from RM2.26 billion for FY2020.

Revenue slipped to RM4.16 billion versus RM4.53 billion the year before, due to lower revenue from the leisure and hospitality business in Malaysia by RM1,616.8 million or 52 per cent.

This is mainly due to the decline in the overall business volume from gaming and non-gaming segments following the re-imposition of various COVID-19 restrictions by the government during the year, it said in a filing with Bursa Malaysia.

For the fourth quarter ended Dec 31, 2021, it had returned to the black, recording a net profit of RM174.12 million from a net loss of RM240.85 million while revenue was up by 81 per cent to RM1.89 billion against RM1.04 billion registered previously.

The higher revenue derived from the leisure and hospitality business in Malaysia by RM317.2 million or 49 per cent, mainly due to higher business volume from the gaming and non-gaming segments after Resorts World Genting resumed its operations on Sept 30, 2021, followed by the lifting of inter-state travel restrictions since Oct 11, 2021.

The board of directors has declared a special single-tier dividend of nine sen per ordinary share to be paid on March 31, 2022.

"While the outlook for international tourism is gradually improving, uncertainties surrounding COVID-19 developments will continue to pose headwinds to global travel.

"Nevertheless, higher vaccination rates worldwide and the introduction of vaccine passports in certain countries will support the recovery of the tourism, leisure and hospitality industries, including the regional gaming sector,” it said.

Against this backdrop, the group remains cautiously optimistic on the near-term prospects of the leisure and hospitality industry but is wary of the increased spread of COVID-19 variants. - Bernama