Genting Malaysia’s Q2 profit jumps to $115.9M

Net profit of casino operator Genting Malaysia Bhd soared by as much as 108 percent in the second quarter, buoyed by a strong UK casino business that has kept the company afloat in a “challenging operating environment.

In Thursday’s disclosure to Bursa Malaysia, Genting reported that its net profit more than doubled to RM476.44 million (US$118.43 million) during the April to June 2016 period compared to the same period last year mainly due to a turnaround in its UK casino business.

On the other hand, Genting’s total revenue for the first six months of 2016 grew by nine percent year-on-year to RM4.45 billion (US$ 1.11 billion). Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for the period increased by 6 percent, to RM1.11 billion (US$275.92 million). Net profit was up 5 percent year-on-year at RM609.4 million (US$151.48 million).

Data showed that Genting’s UK casino saw its revenue jump by 70.7 percent to RM504.2 million (US$125.33 million) revenue year-on-year. The adjusted EBITDA of Genting’s casino business in UK was at RM92.8 million (US$23.07 million).