KUALA LUMPUR: Genting Bhd returned to the black in the third quarter (Q3) ended Sept 30, 2022, with a net profit of RM128.02 million against a net loss of RM344.55 million recorded in the same quarter last year.
In a filing with Bursa Malaysia today, the company said the return to profitability was a result of higher revenue mainly from the leisure and hospitality division as a result of the opening of the regional travel markets and a rebound in gaming revenue.
Revenue increased by 75 per cent to RM6.12 billion for Q3 from RM3.50 billion previously.
Genting said the recovery of Resorts World Sentosa (RWS) continued during Q3 2022.
"The overall improvement in RWS’ operating performance reflects the ongoing recovery of regional travel markets, but such recovery has yet to return to the pre-pandemic levels.
"The rebound in gaming revenue was led by more affluent and premium customers that are staying slightly longer,” the company said.
Additionally, the opening of Genting SkyWorlds in February 2022 has also contributed to an increase in non-gaming revenue during Q3 2022.
Revenue for Q3 2021 was severely impacted by the temporary closure of Resorts World Genting (RWG) from June 1, 2021 until Sept 29, 2021, coupled with the imposition of travel restrictions across the country caused by the adverse impact of the COVID-19 pandemic.
Moving forward, Genting is encouraged by the increase in visitation at RWG following the reopening of the national borders and the relaxation of COVID-19 restrictions in the region.
In view of the potential challenges in the operating environment, the group will continue to closely monitor risks and demand and react accordingly.
The group remains focused on managing yield and profitability at RWG and will continue to actively market RWG products and services to its membership base and other segments in Malaysia and regionally.
Genting Bhd share price closed 27 sen higher at RM4.48 on Bursa Malaysia with 30.08 million shares traded. - Bernama