Genting's Second-Quarter Net Rose on Non-Operating Gain, Lower JV Losses

By Ying Xian Wong

Genting Bhd.'s second-quarter net profit surged 49% on year mainly supported by non-operating gain and lower share of losses in joint ventures and associates.

The resort operator's net profit rose to 239.7 million ringgit, equivalent to $55.6 million, compared with MYR160.5 million in the same period a year earlier, it said late Thursday. Its other gains were MYR24.2 million in the second quarter, compared with a loss of MYR236.3 million in the prior year period.

Share of losses in joint ventures and associates was lower at MYR16.3 million from MYR52.2 million, supported by higher profit from the Meizhou Wan power plant in China.

Quarterly revenue was 3.0% higher at MYR6.86 billion, driven by higher contributions from its leisure and hospitality division.

Looking ahead, Genting said it expects global growth to continue despite geopolitical and macroeconomic risks.

Malaysia's economy will be supported by recovering external demand and domestic spending, though inflation could be affected by domestic policies, it said. The outlook for international tourism remains positive, while the regional gaming market is expected to maintain its recovery momentum, it added.

Write to Ying Xian Wong at yingxian.wong@wsj.com

(END) Dow Jones Newswires

August 29, 2024 21:19 ET (01:19 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.