GEN Malaysia drops Q4 profit following coronavirus cloud outlook

Net income attributable to shareholders of casino operator Genting Malaysia Bhd fell 58.4% year-on-year in the fourth quarter of 2019, the company said in a filing on Thursday, as sales fell slightly.

Those gains were 299.7 million MYR ($71.2 million) compared to 727.1 million MYR in the prior-year quarter. Group revenue for the period was nearly 2.44 billion MYR, down 2.6% from nearly 2.51 billion MYRs booked in the same period in 2018.

Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for the last three months of 2019 were 551.4 million MYR, down 26.3% from a year earlier.

Genting Malaysia declared a dividend of MYR0.05 per share of common stock for the fiscal year ending Dec. 31. In addition, the company declared an additional special dividend of MYR0.09 per share of common stock. The company has major operations at the Resort World Genting Casino Complex in the Genting Highlands near Malaysia's capital, Kuala Lumpur, and also operates casinos in the United States, the Bahamas, the United Kingdom, and Egypt.

In a commentary sent to Bursa Malaysia on Thursday, the company said adjusted EBITDA in the fourth quarter fell 28.7% year-on-year and Malaysian operating revenue fell 5.5%. "Adjusted EBITDA was also impacted by the increase in game tariffs imposed," the company said.

Genting Malaysia said it had lost 31.6 million yuan in the three months to Dec. 31 as part of results related to a 49% stake in U.S. casino operator Empire Resorts Inc. Genting Malaysia completed the acquisition of a stake in the U.S.-based company in November last year.

Empire Resorts owns and operates Resort World Catskills, a casino complex in upstate New York about 90 miles (144 km) from New York City.

Genting Malaysia said on Thursday that its operating results at Resort World Catskills "recorded a noticeable improvement," with a 33% increase in gaming revenue in December 2019.

BY: 우리카지노탑