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KUALA LUMPUR (Nov 26): Genting Malaysia Bhd (GENM) net loss has decreased to RM704.64 million or 12.46sen per share compared to RM900.42 million or 15.93sen per share in the immediately previous quarter ( 2QFY20) as a result of the group. Resort operations around the world have progressively resumed during the quarter under review.
Quarterly revenue increased more than 12 times to RM1.42 billion from RM114.91 million, according to its filing with Bursa Malaysia today.
In contrast, the group had recorded a net profit of RM410.84 million in the corresponding previous quarter (3QFY19). The casino operator’s revenue declined 46% year-on-year from RM2.63 billion a year ago.
For the cumulative nine months ending September 30, GENM reported a net loss of RM2.02 billion versus a net profit of 1.1 billion last year, while revenue was more than halved to RM3. 48 billion RM7.96 billion, mainly due to the unprecedented disruptions to the group’s leisure and hospitality operations around the world amid the outbreak of the Covid-19 pandemic.
On the outlook, GENM said that while business volumes continue to be affected by the pandemic, the group is confident that its recalibrated operating structure will anchor the recovery and position the group for more sustainable long-term growth.
However, the group remains cautious on the short-term outlook for the leisure and hospitality industry.
“Given the dynamic operating environments both domestically and abroad, uncertainties remain about the full impact of the pandemic on the group’s operations and financial performance.
“The board wishes to advise that the group expects its financial results for the financial year ending December 31, 2020 (FY20) to be adversely affected,” it added.
GENM shares fell seven sen or 2.77% to RM2.60 today, valuing the casino operator at RM14.7 billion. Around 18.67 million shares were traded.
The free selling price of the shares has recovered from its March low of RM1.83. Still, to date, the counter is down 21% from RM3.31 on Jan 2.
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