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Genting profit misses consensus by 48.3% in Q1

Genting Berhad said its first-quarter normalized net income was 8 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 15 sen per share.

EPS decreased 42.1% year over year from 13 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 289.1 million ringgits, a decrease of 42.8% from 505.2 million ringgits in the prior-year period.

The normalized profit margin fell to 6.1% from 11.6% in the year-earlier period.

Total revenue rose 7.7% year over year to 4.70 billion ringgits from 4.37 billion ringgits, and total operating expenses grew 11.6% from the prior-year period to 3.37 billion ringgits from 3.02 billion ringgits.

Reported net income decreased 69.1% year over year to 215.9 million ringgits, or 6 sen per share, from 698.1 million ringgits, or 18 sen per share.

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