Genting Malaysia, the well-known global leisure and hospitality company, has announced its financial results for the second quarter of 2022 and the numbers show a return to profitability.
The company’s revenue more than doubled in the three months to 30 June 2022, amounting to 2.18 billion Malaysian Ringgit. The best performing property was Resorts World Genting, delivering a total revenue of 1.31 billion Malaysian Ringgit.
The results represent a significant improvement compared to the March quarter, when the Malaysian company recorded revenue of 1.72 billion Ringgit, while 920 million of that came from Resorts World Genting.
In the second quarter, Genting Malaysia recorded adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 619.5 million Malaysian Ringgit, a number which represents a huge increase compared to the 45.6 million that were gathered in the same quarter of last year. The result also represents an improvement compared to the first quarter of 2022, when the company’s EBITDA amounted to 414.4 million Malaysian Ringgit.
Resorts World Genting recorded adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 459.1 million Malaysian Ringgit, reversing a loss of 94.2 million that was recorded in the same period of last year. The poor result in 2021 was largely due to restrictions related to the novel coronavirus pandemic, while in 2022 those restrictions were pretty much gone and Malaysia’s borders reopened on 1 April.