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Genting profit misses consensus by 64.1% in Q2

Genting Berhad said its second-quarter normalized net income came to 6 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 18 sen per share.

EPS climbed 5.4% year over year from 6 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 244.4 million ringgits, a gain of 5.3% from 232.1 million ringgits in the year-earlier period.

The normalized profit margin rose to 5.7% from 5.6% in the year-earlier period.

Total revenue grew year over year to 4.23 billion ringgits from 4.17 billion ringgits, and total operating expenses rose from the prior-year period to 3.03 billion ringgits from 2.99 billion ringgits.

Reported net income grew on an annual basis to 385.2 million ringgits, or 10 sen per share, from 153.6 million ringgits, or 4 sen per share.

As of Aug. 25, US$1 was equivalent to 4.03 ringgits.