Genting Malaysia Bhd has just announced a piece of good and bad news. According to the official statement, the net profit of the company has increased compared to the same time last year. However, the long-awaited park located at Resorts World Genting has been delayed.
Further Details
The company has just revealed that its second-quarter net profit increased by 5,3% on year level. It comes after 7,4% rise in revenue within the same period, which affected the company's EBITDA (stands for earnings before interest, taxes, depreciation, and amortization). Only in this quarter, Genting has registered $98,7 million and $616,55 revenue point.
This news is very positive for shareholders as they are going to receive extra profit. The board of the enterprise has already stated that it will grant $0,014 per share as a single dividend. The compensation will be paid on October 11.
The company released the following announcement:
“In the period, Resorts World Genting reported an overall decline in the volume of business in the gaming segment, primarily due to lower incentives offered to customers in line with the group’s cost rationalisation initiatives. However, the group’s earnings were aided by improved hold percentage in the mid to premium players segment.”
As for the theme park planned for RWG location, Genting expects to launch it at the beginning of next year. However, construction plans are temporarily on hold due to conflict between Genting Malaysia and partners Fox and Disney. The firm continues with its initial ambitions and plans to launch the theme park during the third quarter of the following year. The park will be based on Fox intellectual property rights.
More on the Firm
Genting Malaysia is a prosperous casino brand which operates all over the globe including USA, UK, Bahamas, and Egypt. Its parent brand - Resorts World Genting - is situated outside of Kuala Lumpur and listed on Malaysian Stock Exchange.
The company was established in 1965 together with amazing amenities including a hotel, luxury rooms, and restaurants. Presently, the company works on new projects related to entertainment and shopping possibilities withinh Sky Avenue & Sky Plaza.
Source:
“Genting Malaysia has some good news and some bad news“, Erik Gibbs, calvinayre.com, August 30, 2019.
coolsongss
4 years ago
Hero Member
I went to Genting Highland a few times in Malaysia, so this theme park seems to be constructed in the same area in the mountain area? Wow, that would be really great. From the news, it sounds like the park is close to the completion in facilities, but, Fox and Disney want to make it more perfect in terms of contents.
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