Genting Malaysia, the well-known global hospitality and leisure company, has reported a significant profit for the second quarter of 2023, reversing a multi-million dollar loss recorded in the first quarter.
The company announced that it recorded a profit of 30.3 million Malaysian Ringgit, which would convert into around 6.5 million U.S. dollars, during the second quarter of 2023. The result is a drastic improvement compared to the loss of 45.4 million Malaysian Ringgit recorded during the first quarter of 2023.
The dramatically improved results were driven by increasing revenues at Resorts World Genting, the company’s flagship casino and hospitality property in Malaysia. Revenue at this property went up by 17 percent year-on-year to a total amount of 1.53 billion Malaysian Ringgit, which helped inflate group-wide revenues to 2.47 billion Malaysian Ringgit. The company’s operations in the United Kingdom, Egypt, USA and Bahamas also enjoyed revenue increases, but a lot smaller.
The adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for the whole group amounted to 447.9 million Malaysian Ringgit, a decrease of 28 percent year-on-year and 25 percent quarter-on-quarter. However, adjusted EBITDA for Resorts World Genting saw an increase of 16 percent to 532.3 million Malaysian Ringgit.