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Genting Malaysia Q1 profit falls YOY

Genting Malaysia Berhad said its normalized net income for the first quarter amounted to 3 Malaysian sen per share, a decline of 39.7% from 5 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 181.3 million ringgits, a decline of 39.8% from 300.9 million ringgits in the prior-year period.

The normalized profit margin dropped to 8.2% from 14.4% in the year-earlier period.

Total revenue increased 5.8% on an annual basis to 2.21 billion ringgits from 2.09 billion ringgits, and total operating expenses rose 20.4% on an annual basis to 1.94 billion ringgits from 1.61 billion ringgits.

Reported net income decreased 55.4% from the prior-year period to 161.4 million ringgits, or 3 sen per share, from 362.1 million ringgits, or 6 sen per share.

As of May 24, US$1 was equivalent to 4.11 ringgits.