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Genting s net loss narrows to RM59 53mil in 2Q

KUALA LUMPUR: Genting Bhd’s net loss for the second quarter ended June 30, 2022 (Q2FY2022) narrowed to RM59.53 million from RM563.53 million recorded in the same period last year.

Genting Bhd 2Q net loss narrows to RM60m from RM564m a year earlier

Genting Bhd 2Q net loss narrows to RM60m from RM564m a year earlier
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Maybank, MAHB, IHH, Press Metal, Genting, GenM, PPB, DRB-Hicom, Sime Darby Property, 7-Eleven, Tomei, Petron, Careplus, YTL, YTL Power, TNB, TM and Cycle & Carriage

Here is a brief look at some corporate announcements and news flow on Thursday (Aug 25), which include Malayan Banking Bhd, Malaysia Airports Holdings Bhd, IHH Healthcare Bhd, Press Metal Aluminium Holdings Bhd, Genting Bhd, Genting Malaysia Bhd, PPB Group Bhd, DRB-Hicom Bhd, Sime Darby Property Bhd, 7-Eleven Malaysia Holdings Bhd, Tomei Consolidated Bhd, Petron Malaysia Refining & Marketing Bhd, Careplus Group Bhd, YTL Corp Bhd, YTL Power International Bhd, Tenaga Nasional Bhd, Telekom Malaysia Bhd and Cycle & Carriage Bintang Bhd.

Resorts conglomerate expected to recover

PETALING JAYA: Following weaker-than-expected earnings from its Singapore subsidiary, parent-company, Genting Bhd’s earnings estimate for financial years 2022-2023 may come in lower now. In the first half of FY22 (1H22) core net profit of Genting Singapore Ltd fell 3% year-on-year to to S$108.7mil (RM352.6mil).

The allure of Genting Singapore

SEVERAL weeks ago, newswires reported that Genting Singapore Ltd, a 52.7% subsidiary of Genting Bhd, had attracted multiple suitors one of which was MGM Resorts International interested in taking over the integrated resort in the city state. The US casino operator reportedly approached tycoon Tan Sri Lim Kok Thay the executive chairman and chief executive of Genting Bhd who controls some 45% of the conglomerate prompting Genting Singapore’s share price to rise as much as 9.3% to 82 cents on July 15 following the news report.

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