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Coffeeshop Chit Chat - Genting Suffers Loss, IR Still On?</TD><TD id=msgunetc noWrap align=right>
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Genting suffers RM40m quarterly loss
GENTING Bhd, Asia’s largest listed casino operator, posted a quarterly loss of RM40.4 million (US$11.2 million) compared with a profit of RM275.2 million a year ago, after taking charges related to its Chinese power plants and casinos in the UK.
Net loss for the three months ended September was 1.09 sen per share compared with earnings per share of 7.45 sen a year earlier, the company said in a statement today. Revenue grew 7 per cent to RM2.37 billion.
Genting, which gets two-thirds of its sales from hotels, gambling and theme parks, has invested in businesses that include power generation and palm oil to manage swings in casino revenue. The Kuala Lumpur-based company expects the rest of the year to be “challenging.”
“The group’s prospects for the remaining period of this year will be challenging, in view of the global economic slowdown and lower commodity prices anticipated,” Genting said.
<TABLE cellSpacing=0 cellPadding=0 align=right><TBODY><TR><TD></TD></TR></TBODY></TABLE>“The slowdown in the local economy could impact consumer sentiments and may affect visitations to Genting Highlands Resort.
In the UK, the general economic outlook is expected to be poor.”
Pre-tax profit at the plantations unit, its second-biggest earner, fell to RM130.8 million from RM131.3 million.
Profit at its power division plunged 96 per cent to RM5.5 million.
Genting shares have fallen 44 per cent this year, more than the 40 per cent decline in the Kuala Lumpur Composite Index. The stock dropped 1.8 per cent to RM4.44 at today’s close.
Genting’s assets include Kuala Lumpur-listed Resorts World Bhd, operator of a Malaysian casino, and Singapore-listed Genting International Plc, owner of a license to build the city- state’s second gaming resort. - Bloomberg
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Genting suffers RM40m quarterly loss
GENTING Bhd, Asia’s largest listed casino operator, posted a quarterly loss of RM40.4 million (US$11.2 million) compared with a profit of RM275.2 million a year ago, after taking charges related to its Chinese power plants and casinos in the UK.
Net loss for the three months ended September was 1.09 sen per share compared with earnings per share of 7.45 sen a year earlier, the company said in a statement today. Revenue grew 7 per cent to RM2.37 billion.
Genting, which gets two-thirds of its sales from hotels, gambling and theme parks, has invested in businesses that include power generation and palm oil to manage swings in casino revenue. The Kuala Lumpur-based company expects the rest of the year to be “challenging.”
“The group’s prospects for the remaining period of this year will be challenging, in view of the global economic slowdown and lower commodity prices anticipated,” Genting said.
<TABLE cellSpacing=0 cellPadding=0 align=right><TBODY><TR><TD></TD></TR></TBODY></TABLE>“The slowdown in the local economy could impact consumer sentiments and may affect visitations to Genting Highlands Resort.
In the UK, the general economic outlook is expected to be poor.”
Pre-tax profit at the plantations unit, its second-biggest earner, fell to RM130.8 million from RM131.3 million.
Profit at its power division plunged 96 per cent to RM5.5 million.
Genting shares have fallen 44 per cent this year, more than the 40 per cent decline in the Kuala Lumpur Composite Index. The stock dropped 1.8 per cent to RM4.44 at today’s close.
Genting’s assets include Kuala Lumpur-listed Resorts World Bhd, operator of a Malaysian casino, and Singapore-listed Genting International Plc, owner of a license to build the city- state’s second gaming resort. - Bloomberg
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