Genting's Earnings Jump on Sustained Recovery of Travel, Tourism

By Ying Xian Wong

Genting Bhd.'s net profit surged in the third quarter, more than quadrupling from a year earlier on the sustained postpandemic recovery of travel and tourism.

The resort operator said late Thursday that its profit rose to 520.5 million ringgit ($111.2 million) in the quarter compared with MYR128 million in the same period a year ago.

Lower impairment losses, reduced finance costs, and higher profit contributions from its joint ventures and associates also help boosted profit, the Malaysian company said.

Quarterly revenue rose 20% higher to MYR7.37 billion amid a higher contribution from its leisure and hospitality division.

Looking ahead, although macroeconomic concerns still pose a risk to the sustainability of the travel and tourism sectors' recovery, Genting said it continues to have positive outlook on international tourism demand.

Write to Ying Xian Wong at [e-mail]

(END) Dow Jones Newswires

11-23-23 2010ET