Genting First-Quarter Net Profit Soars to MYR603.1 Million

By Yantoultra Ngui Features Dow Jones Newswires

KUALA LUMPUR, Malaysia--Malaysian casino-to-plantations conglomerate Genting Bhd. (3182.KU) said Monday that its net profit for the first quarter soared from the previous year, driven mainly by gains on disposal and improved performance at its plantations arm.

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Net profit for the quarter ended March jumped to 603.1 million ringgit ($141.3 million) from MYR130.8 million a year earlier, according to a stock-exchange filing late Monday.

Revenue rose to MYR4.77 billion ($1.12 billion) from MYR4.70 billion a year ago, the company said.

Genting, controlled by Malaysian billionaire Lim Kok Thay, has been expanding its gambling and hospitality businesses overseas, while the domestic casino business continues to anchor earnings growth. Genting controls Genting Singapore PLC (G13.SG), one of Southeast Asia's biggest casino operators.

Genting's Malaysian casino-and-resorts operating unit, Genting Malaysia Bhd. (4715.KU), said Monday that net profit for the first quarter climbed to MYR323.5 million from MYR161.6 million a year ago. Revenue was MYR2.22 billion, compared with MYR2.21 billion a year earlier, according to a local exchange filing.

Genting closed 2.1% lower at MYR9.73 ($2.28) prior to the earnings release, while Genting Malaysia ended 1.5% higher at MYR6.11.

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Write to Yantoultra Ngui at yantoultra.ngui@wsj.com

(END) Dow Jones Newswires

May 29, 2017 07:58 ET (11:58 GMT)