Published: Nov. 23, 2023 at 7:55 p.m. ET
By Ying Xian Wong
Genting Bhd.’s net profit surged in the third quarter, more than quadrupling from a year earlier on the sustained postpandemic recovery of travel and tourism.
The resort operator said late Thursday that its profit rose to 520.5 million ringgit ($111.2 million) in the quarter compared with MYR128 million in the same period…
By Ying Xian Wong
Genting Bhd.’s net profit surged in the third quarter, more than quadrupling from a year earlier on the sustained postpandemic recovery of travel and tourism.
The resort operator said late Thursday that its profit rose to 520.5 million ringgit ($111.2 million) in the quarter compared with MYR128 million in the same period a year ago.
Lower impairment losses, reduced finance costs, and higher profit contributions from its joint ventures and associates also help boosted profit, the Malaysian company said.
Quarterly revenue rose 20% higher to MYR7.37 billion amid a higher contribution from its leisure and hospitality division.
Looking ahead, although macroeconomic concerns still pose a risk to the sustainability of the travel and tourism sectors’ recovery, Genting said it continues to have positive outlook on international tourism demand.
Write to Ying Xian Wong at [email protected]
