Disposal gain lifts Genting’s earnings

PETALING JAYA: Genting Bhd’s net profit leaped more than four fold to RM603.06 million for the first quarter ended March 31, 2017 against RM130.83 million in the same quarter a year ago, underpinned by higher adjusted earnings before interest, taxes, depreciation and amortisation (ebitda) and a RM302.2 million gain from the disposal of Genting Singapore’s 50% stake in associate Landing Jeju Development Co Ltd.

The group’s revenue rose marginally by 1.4% from RM4.7 billion to RM4.77 billion.

It said in a filing with the stock exchange that Genting Singapore is continuing with its growth and diversification plan and is allocating resources in tandem with the progress of the Japan Integrated Resort Execution Bill, which will pave the way for the formal bidding process of the Japan gaming licences.

Meanwhile, Resorts World Sentosa remains focused in growing the premium mass market.

Back home, Genting Malaysia Bhd continues to focus on the development of its Genting Integrated Tourism Plan as the remaining facilities and attractions open progressively from this year onwards, complementing the new and existing attractions.