KUALA LUMPUR (Aug 24): Genting Bhd posted RM160.55 million net profit for the second quarter ended June 30, 2023 (2QFY2023), compared with RM59.53 million net loss in 2QFY2022. This is the group’s second straight quarterly profit after 10 consecutive quarters of losses, beginning 1QFY2020, due to the Covid-19 pandemic.

The higher profit was mainly due to a net gain of RM182 million on disposal of property, plant and equipment by Genting Malaysia Bhd (GenM) group, Genting told Bursa Malaysia on Thursday (Aug 24). 

Additionally, the group recorded lower impairment losses of RM55.74 million from RM143.77 million in the previous year’s corresponding quarter, while share of loss in joint ventures and associates decreased to RM52.2 million from RM76.04 million. 

The board of directors declared an interim single-tier dividend of six sen per share, to be paid on Oct 6. 

For the first half ended June 30, 2023 (1HFY2023), Genting registered RM258.58 million net profit versus RM259.2 million net loss in 1HFY2022 while revenue grew 26.07% to RM12.48 billion from RM9.9 billion. 

Moving forward, Genting said travel and tourism sectors are expected to remain resilient in spite of the headwinds to the external environment. 

“In line with this, the ongoing recovery momentum of the regional gaming market is expected to be sustained, aided by the increase in airline capacity in the region

“GenM Group continues to be cautiously optimistic of the near-term outlook of the leisure and hospitality industry and remains positive in the longer-term,” it added. 

Genting closed up three sen or 0.68% at RM4.41, translating into a market capitalisation of RM17.1 billion.