Genting Malaysia, the renowned global leisure and hospitality company, has announced its final financial results for the fourth quarter of 2022 and the numbers show a net loss attributable to shareholders of 393.96 million Malaysian Ringgit, which would convert into 88.82 million U.S. dollars.
This represents quite a swing from the profit of 174.11 million Malaysian Ringgit that was recorded in the same quarter of 2021, and also a worse result than the narrow loss of just 8.26 million Malaysian Ringgit that was recorded in the third quarter of 2022.
The loss comes even though the company recorded a significant revenue increase of 28.8 percent year-on-year, amounting to 2.43 billion Malaysian Ringgit. Most of that revenue came from Resorts World Genting, the only licensed casino in Malaysia.
The Genting Group also announced that its adjusted earnings before interest, tax, depreciation and amortization (EBIDTDA) declined by 36 percent on an annual basis to 472.9 million Malaysian Ringgit. However, the company’s Malaysia property contributed 467.3 million of that, and that figure represents a rise of 30 percent compared to the previous year.