Genting Malaysia, the massive global leisure and hospitality company, has announced that the first quarter of 2022 has brought a substantial profit as revenue surged after restrictions related to the novel coronavirus pandemic were lifted.
The company’s earnings before interest, tax, depreciation and amortization (EBITDA) amounted to 414.4 million Malaysian Ringgit, which converts approximately into 94.2 million U.S. dollars.
That figure represents a substantial improvement from the same period of 2021, when the Malaysian company recorded a loss of 110.4 million Malaysian Ringgit. The gaming and hospitality corporation has shown signs of recovery in the final quarter of 2021, when it recorded a net profit of 124 million Malaysian Ringgit.
However, the result fell slightly below the expectations of analysts from J.P. Morgan, the famous American financial institution, which expected Genting Malaysia to record EBITDA of 450 million Malaysian Ringgit in the first quarter of 2022.
Nevertheless, Genting announced that all the segments of its worldwide business have recorded improvements, mainly thanks to Covid-19 restrictions being lifted in most parts of the world.