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Genting swings to loss in Q4

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Genting swings to loss in Q4

4102841 said its fourth-quarter normalized net income came to a loss of 5 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 16 sen per share.

The per-share result swung to a loss from the prior-year profit of 8 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 187.9 million ringgits, compared with income of 290.7 million ringgits in the prior-year period.

The normalized profit margin fell to negative 4.0% from 5.9% in the year-earlier period.

Total revenue fell on an annual basis to 4.75 billion ringgits from 4.92 billion ringgits, and total operating expenses came to 5.02 billion ringgits, compared with 5.05 billion ringgits in the year-earlier period.

Reported net income grew on an annual basis to 1.24 billion ringgits, or 33 sen per share, from 427.3 million ringgits, or 11 sen per share.

For the year, the company's normalized net income totaled 16 sen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 43 sen.

EPS declined 58.1% from 39 sen in the prior year.

Normalized net income was 610.0 million ringgits, a decline of 57.9% from 1.45 billion ringgits in the prior year.

Full-year total revenue grew on an annual basis to 18.37 billion ringgits from 18.10 billion ringgits, and total operating expenses came to 14.41 billion ringgits, compared with 14.43 billion ringgits in the prior-year period.

he company said reported net income rose 43.6 Genting Bhd..