Genting : 3Q Remains in Net Loss Position Due to Weaker Hospitality Businesses

By Chester Tay

Genting Bhd recorded a third-consecutive quarter of net loss in 3Q due to weaker leisure and hospitality businesses.

Net loss was 130.7 million ringgit ($32.0 million) versus net profit of MYR305.7 million a year ago, the resort-and-casino operator said Thursday.

For the first nine months of 2020, the group posted a net loss of MYR1.05 billion compared with a net profit of MYR1.47 billion a year earlier, while revenue fell 48% to MYR8.52 billion.

On outlook, Genting said the recovery prospects of the leisure, hospitality, and tourism sectors globally remain highly uncertain as the Covid-19 situation continues to evolve.

While regional gaming markets have registered signs of early recovery, the group said the industry is expected to remain challenging in the near-term.

Write to Chester Tay at [e-mail]

(END) Dow Jones Newswires

11-26-20 0646ET