Thursday, November 22, 2007; Posted: 08:06 AM
KUALA LUMPUR, Nov 22, 2007 -- Malaysian gaming company Genting Bhd said Thursday net profit in the third quarter fell 34.4 percent to 275 million ringgit from 419 million a year earlier, dragged down by impairment losses related to the acquisition of the Stanley group's casino operations in the UK by unit Genting International plc.
But sales improved to 2.2 billion ringgit from 1.6 billion last year.
Earnings per share stood at 7.45 sen against 11.87 sen.
Genting said sales in the third quarter jumped 40 percent as increased revenue was recorded from all the business divisions of the group with the exception of the property division.
"The revenue from the UK casino operations from Genting Stanley, a subsidiary of unit Genting International, contributed 376.3 million ringgit to the leisure and hospitality division in the current quarter," the company said in notes accompanying the results.
"The increase in the revenue is also due to the better underlying performance of Genting Highlands Resort arising mainly from the higher volume of business,'' it said.
Lower profit in the quarter was "due to the impairment losses of 937.8 million ringgit mainly from the impairment loss on goodwill arising from Genting International plc's acquisition of Genting Stanley.''
For the first nine months of the year, net profit grew to 1.5 billion ringgit against 998 million ringgit the year before.
Sales jumped to 6.2 billion ringgit from 4.2 billion.
Genting said sales in the nine months improved 48 percent to 6.2 billion ringgit mainly due to contributions from its leisure & hospitality, plantation and power divisions.
(1 US dollar = 3.38 ringgit)
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