Genting Third-Quarter Net Profit Down 67%

By Yantoultra Ngui Features Dow Jones Newswires

KUALA LUMPUR, Malaysia--Malaysian casino-to-plantations conglomerate Genting Bhd. (3182.KU) reported a 67% drop in third-quarter net profit, mainly because of higher expenses and finance costs as well as impairment losses.

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Net profit for the quarter ended September fell to 191.1 million ringgit ($46.5 million) from MYR574 million, Genting said in a stock-exchange filing Thursday.

Revenue rose 7.7% to MYR5.04 billion ($1.23 billion) during the period from MYR4.68 billion a year ago, it said.

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

Genting said its Malaysian unit plans to roll out the 20th Century Fox World theme park and a new indoor theme park in Malaysia next year.

As for the U.S., the conglomerate said it will beef up direct-marketing efforts to drive visitations and frequency of play at Resorts World Casino New York City.

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Shares of Genting closed 1.5% lower at MYR9.15 ahead of the earnings release, underperforming the local benchmark stock index's 0.1% decline.

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

(END) Dow Jones Newswires

November 23, 2017 07:21 ET (12:21 GMT)