KUALA LUMPUR: Genting Bhd and its listed unit Genting Malaysia Bhd returned to the black in the third quarter ended September 2019.
Genting posted a net profit of RM305.68 million for the quarter against a net loss of RM275.8 billion in the same period last year.
Genting Malaysia, on the other hand, registered a net profit of RM410.83 million, a major improvement from a net loss of RM1.49 billion last year.
The higher earnings for both firms were primarily due to an impairment loss on the group’s investment in promissory notes issued by the Mashpee Wampanoag Tribe of RM1.83 billion that was recognised in the third quarter of last year.
Genting, the holding company as quoted in New Straits Times said it remained cautious on the opportunities and growth potential of the leisure and hospitality industry whereby the ongoing development of the outdoor theme park is progressing well in Malaysia and the group remains focused on its timely completion.
The firm said it would focus on its strategy of growing market share in the mass market segment to strengthen its position in the UK.
Source: New Straits Times