GEN Malaysia Q3 Earnings EBITDA Decline
International casino operator Genting Malaysia Bhd posted adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) in the third quarter of 2019, down 14.8% from a year earlier.
Profit for the three months ended Sept. 30 was 410.8 million yuan ($98.5 million), compared with a loss of 1.49 billion yuan a year earlier. 바카라사이트 추천
Still, group adjusted EBITDA fell to MYR 694.4 million compared to MYR 814.8 million in the third quarter of 2018, the company told Bursa Malaysia on Thursday.
The return to profit over the previous year was "mainly due" to the omission of impairment losses of 1.83 billion yuan in the group's investment in promissory notes issued by the Marshfi Wimpanoag tribe in the U.S. on its balance sheet for the quarter. This information is contained in a press release accompanying the results.
Genting Malaysia has an exclusive casino license in Malaysia and operates casino operations in the United States and the Bahamas, as well as in the United Kingdom and Egypt.
The group's third-quarter revenue rose 1.1% to $2.63 billion, compared with $2.6 billion a year earlier.
Genting Malaysia records its gaming business performance under the title "Leisure and Hospitality" in its respective geographic operations.
Malaysia's leisure and hospitality operations posted "a 5.4% increase in sales, driven primarily by an increase in the holding ratio of the medium and premium player segment," it said at the resort world gensing casino complex outside the capital Kuala Lumpur, a major revenue generator.
Malaysia Genting's third-quarter and first nine-month results "exceeded" the agency's expectations "mainly due to higher-than-expected VIP win rates," according to a Friday note from Samuel Yin Sao Yang, an analyst at Maybank IB Research
At Resort World Genting, the group's non-gaming business grew by 36%, and its introduction to more attractions at the complex "continues to get a good response," a press release from Genting Malaysia said.
Nonetheless, adjusted EBITDA at Malaysian operations fell 16.2% year-over-year to MYR 537.5 million, "mainly due to higher casino tariffs."
Resorts World Genting also saw a drop in overall business volume in its gaming segment "mainly due to reduced incentives offered to customers," the company said.
During the reporting period, the group also recorded a reversal of the provision of MYR 101.4 million "according to the settlement of a lawsuit related to an outdoor theme park" at the site.
The outdoor theme park opening date is scheduled for the third quarter of 2020, brokerage Nomura's Tushar Mohata and Alpha Aggarwal said in a note on Friday.
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