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Genting Q1 profit climbs 24.9% YOY

Genting Bhd. said its first-quarter normalized net income came to 12 Malaysian sen per share, a gain of 27.1% from 10 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 456.5 million ringgits, an increase of 24.9% from 365.6 million ringgits in the year-earlier period.

The normalized profit margin increased to 10.5% from 7.8% in the year-earlier period.

Total revenue declined 6.9% year over year to 4.37 billion ringgits from 4.69 billion ringgits, and total operating expenses rose 8.4% on an annual basis to 3.02 billion ringgits from 2.79 billion ringgits.

Reported net income grew 31.4% year over year to 697.6 million ringgits, or 17 sen per share, from 531.0 million ringgits, or 14 sen per share.

As of May 28, US$1 was equivalent to 3.65 ringgits.