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UPDATE 1-Genting Q1 net profit down 15.8 pct, euro crisis weighs
May 30, 2012 / 11:18 AM / 6 years ago

UPDATE 1-Genting Q1 net profit down 15.8 pct, euro crisis weighs

KUALA LUMPUR, May 30 (Reuters) - Malaysia’s Genting Bhd , a gaming-to-property group, posted on Wednesday a 15.8 percent fall in net profit in the first quarter on a weaker performance from all its business segment except for property.

Its net profit was 693.63 million ringgit ($220.20 million) in the three months ended March 31. The company also said that its revenue shed 9.57 percent.

Genting said the renewed uncertainty arising from the European financial crisis and wider implications from austere fiscal measures may further weaken consumer, business and investment sentiments. Genting operates casinos in London.

“Nonetheless, the group is committed to build on the Genting brand, leveraging on its Asian connections to grow the international premium players business,” it said in a statement.

Genting said its regional gaming business in Macau and Singapore was still expanding and intensifying efforts to tap regional premium players.

“These conditions augur well for the leisure and hospitality business, and the measures employed will enhance Genting’s ability to improve its business,” it added.

Of the 26 analysts tracked by Thomson Reuters I/B/E/S, 18 have either a “strong buy” or “buy” rating on the stock, while six have “hold” calls and two “underperform” or “sell”.

The company’s shares closed 0.10 percent lower at 9.99 ringgit a share on Wednesday, compared with the broader market’s 0.63 percent rise.

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