Malaysia's Genting 2nd-Quarter Net Profit Up 57.5% -- Update

By Yantoultra Ngui Features Dow Jones Newswires

KUALA LUMPUR, Malaysia--Malaysian casino-to-plantations conglomerate Genting Bhd. (3182.KU) said net profit for the second quarter rose 57.5% from a year ago, partly on a gain from the sale of some financial assets.

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Net profit for the quarter ended June jumped to 456.33 million ringgit ($106.64 million) from MYR289.82 million, according to a late-Thursday stock-exchange filing by the company.

Revenue rose 17% to MYR4.95 billion from MYR4.23 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 Singapore reported earlier this month a return to profit in the second quarter after revenue rose and costs fell.

Genting's Malaysian casino-and-resorts operating unit, Genting Malaysia Bhd. (4715.KU), said Thursday that net profit for the second quarter dropped 59.4% to MYR193.42 million from MYR476.44 million a year ago mainly because of higher depreciation and amortization, and impairment of some assets.

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Revenue was MYR2.29 billion, slightly higher than the MYR2.23 billion recorded a year ago, according to a local exchange filing.

Shares of Genting closed 0.1% higher at MYR9.79 prior to the latest earnings release, while Genting Malaysia ended 0.8% higher at MYR6.05.

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

(END) Dow Jones Newswires

August 24, 2017 08:40 ET (12:40 GMT)