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Genting Q3 profit falls 37.2% YOY

Genting Berhad said its third-quarter normalized net income amounted to 7 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 7 sen per share.

EPS fell 37.6% year over year from 11 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 264.4 million ringgits, a decline of 37.2% from 420.8 million ringgits in the year-earlier period.

The normalized profit margin fell to 5.6% from 9.1% in the year-earlier period.

Total revenue came to 4.68 billion ringgits, compared with 4.65 billion ringgits in the year-earlier period, and total operating expenses decreased 11.2% on an annual basis to 2.99 billion ringgits from 3.37 billion ringgits.

Reported net income rose 42.4% on an annual basis to 669.1 million ringgits, or 18 sen per share, from 469.8 million ringgits, or 13 sen per share.

As of Nov. 24, US$1 was equivalent to 4.40 ringgits.