Genting Msia's Q2 revenue increases seven-fold
Ganeshwaran Kana • August 27, 2021
PETALING JAYA: Genting Malaysia Bhd’s revenue for the second quarter ended June 30 (Q2) leapt by more than seven times to RM817.9mil from RM114.9mil in the same quarter a year ago.
Its net losses also narrowed to RM348.1mil from a net loss of RM900.4mil in the same quarter a year ago.
The group said its adjusted earnings before interest, taxation, depreciation and amortisation recovered to RM45.6mil.
It highlighted that the severe impact of the Covid-19 pandemic on the group’s business in Q2 had resulted in the temporary closure of its resort operations worldwide.
“Revenue from the leisure and hospitality business in Malaysia more than doubled to RM237.9mil while adjusted loss before interest, taxes, depreciation and amortisation improved by 56% to RM94.2mil.
“This was mainly due to the easing of operational restrictions at Resorts World Genting (RWG) in addition to an increase in interstate travel as compared to the second quarter of 2020, which was adversely impacted by the three-month suspension of the group’s operations,” it said in a statement.
Genting Malaysia also said it reported payroll and related cost savings from lower headcounts in the period.
“However, Resorts World Genting (RWG) has been temporarily closed since June 1, 2021 in compliance with the government’s implementation of a nationwide total lockdown amid a resurgence of Covid-19 cases in the country,” the group said.
The group said it maintains its cautious stance on the near-term prospects of the leisure and hospitality industry.
“In Malaysia, the government’s announcement of a nationwide total lockdown will significantly impact the group’s business following the temporary closure of RWG since June 1,” it said.
Source:
Kana, B. G. (2021, August 26). Genting M’sia Q2 revenue up seven-fold. The Star. https://www.thestar.com.my/business/business-news/2021/08/27/genting-msia-q2-revenue-up-seven-fold#close
Discover Geo Antharas
You may also like
Follow Geo Antharas
Most Popular
Genting SkyWorlds, Southeast Asia's most anticipated theme park, is officially open! Due to popular demand, the soft opening trial operation has been extended until June 30, 2022! Okay, we know you're all excited to plan your next vacation, and you've come to the correct spot. This article contains the information we have gathered and compiled for you leads you to a quick review of all the perks that Genting Group has prepared for you, from facilities to accommodations, in the hopes of making a modest contribution to your itinerary planning.
Edelweiss, the premium wheat beer born in the Alps, has embarked on its #FeelTheAps journey to inspire fans to actively seek discoveries and a fresh outlook in their lives and cities.
Genting is one of Malaysia's most popular tourist destinations. It features a pleasant temperature and a wide range of food, drink, and entertainment options. It's ideal for a quick weekend getaway. Is your first impression of spending overnight at First World Hotel or other hotels when you arrive in Genting for vacation? There are numerous attractive Airbnbs at the foot of Genting and in the mid-levels. The location is superior and picturesque, the environment is pleasant, and the facilities are first-rate. It can accommodate a family or a group of pals! Now, let's have a look at the eight Airbnb holiday houses that the editor recommends you shouldn't miss!
"We are performing technical rehearsals for workers and selected guests," a GENM representative said in response to The Edge's email inquiry about the topic on Monday morning.
Nothing says downtime like planning a road trip up to Genting. If you’re in dire need of food suggestions, check out our guide to the best pork-free restaurants in Genting.
Malaysia has been named the finest retirement country in Asia and the fourth-best retirement destination in the world, according to the "International Living" website. The "International Life" website chose the 25 best retirement destinations in the world based on eight criteria. Ecuador topped the ranking, followed by Panama, Mexico, Malaysia, and Costa Rica from second to fifth. Malaysia was named the finest retirement destination in Asia, with flying colours for ease of integration, entertainment and facilities, and affordable living costs. A meal with a bottle of red wine can be settled for as little as US$5, while a doctor’s visit is only US$15.
Discover the Prestige Highland Development at Geo Antharas
