Genting Malaysia Q1 net profit soars to $86M

Despite the lackluster performance of its international operations, casino operator Genting Malaysia Berhad (Genting BHD) managed to pull off a 15.8 percent net profit growth in the first three months of 2018.

Figures from Genting BHD showed that its net profit rose to MYR342.1 million (US$86 million) compared to MYR323.9 million ($81.4 million) in the prior-year period, with its flagship integrated resort Genting Malaysia leading the revenue rally.

The Malaysian-listed company’s total revenue and profit before tax (PBT) saw some improvements at the start of the year, climbing 8 percent and 15 percent to MYR2.4 billion ($603.26 million) and MYR397.5 million ($99.9 million) respectively. Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) grew by 8 percent to MYR607.7 million ($152.75 million).

The group’s Malaysian business did the heavy financial lifting for its gaming segment, growing 19 percent to MYR1.6 billion ($402.18 million).