Genting Malaysia Bhd : 24 Aug 2017 Genting Malaysia Berhad Announces Results for the Second Quarter Ended 30th June 2017

SECOND QUARTERLY REPORT‌

Quarterly report on consolidated results for the six months ended 30 June 2017. The figures have not been audited.

CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2017

UNAUDITED INDIVIDUAL QUARTER		UNAUDITED CUMULATIVE PERIOD
Second quarter ended 30 June		Six months ended 30 June
2017	2016	2017	2016
RM '000	RM'0 00	RM '000	RM'0 00
Revenue	2,291,583	2,234,605	4,515,401	4,448,959
Cost of sales	(1,762,663)	(1,553,897)	(3,446,764)	(3,168,964)
Gross profit	528,920	680,708	1,068,637	1,279,995
Other income	123,179	102,161	253,702	198,214
Other expenses	(337,737)	(250,292)	(644,565)	(668,992)
Profit from operations before impairment losses	314,362	532,577	677,774	809,217
Impairment losses	(36,776)	-	(36,776)	(228)
Profit from operations	277,586	532,577	640,998	808,989
Finance costs	(30,798)	(20,523)	(49,884)	(34,819)
Profit before taxation	246,788	512,054	591,114	774,170
Taxation	(73,212)	(46,789)	(122,652)	(164,774)
Profit for the financial period	173,576	465,265	468,462	609,396
Profit attributable to:
Equity holders of the Company	193,423	476,444	516,938	638,011
Non-controlling interests	(19,847)	(11,179)	(48,476)	(28,615)
173,576	465,265	468,462	609,396
Earnings per share attributable to equity holders of the Company:
Basic earnings per share (sen)	3.42	8.42	9.13	11.28
Diluted earnings per share (sen)	3.41	8.41	9.12	11.27

(The Condensed Consolidated Income Statement should be read in conjunction with the audited Financial Statements for the financial year ended 31 December 2016.)

GENTING MALAYSIA BERHAD CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2017
UNAUDITED INDIVIDUAL QUARTER		UNAUDITED CUMULATIVE PERIOD
Second quarter ended 30 June		Six months ended 30 June
2017	2016	2017	2016
RM '000	RM'0 00	RM '000	RM'0 00
Profit for the financial period	173,576	465,265	468,462	609,396
Other comprehensive (loss)/income
Items that will be reclassified subsequently to profit or loss:
Available-for-sale financial assets
- Fair value loss	-	(145,159)	-	(173,079)
Cash flow hedges
- Fair value gain/(loss)	974	631	(1,151)	(557)
Foreign currency exchange differences	(277,518)	124,403	(346,707)	(1,101,677)
Other comprehensive loss, net of tax	(276,544)	(20,125)	(347,858)	(1,275,313)
Total comprehensive (loss)/income for the financial period	(102,968)	445,140	120,604	(665,917)
Total comprehensive (loss)/income attributable to:
Equity holders of the Company	(87,813)	458,064	162,996	(634,164)
Non-controlling interests	(15,155)	(12,924)	(42,392)	(31,753)
(102,968)	445,140	120,604	(665,917)

(The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the audited Financial Statements for the financial year ended 31 December 2016.)

GENTING MALAYSIA BERHAD CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2017
UNAUDITED
As at 30.06.2017	As at 31.12.2016
RM'000	RM'000
ASSETS Non-current assets
Property, plant and equipment	13,043,844	12,158,625
Land held for property development	184,672	184,672
Investment properties	2,248,528	2,317,873
Intangible assets	4,845,037	5,036,343
Available-for-sale financial assets	98,648	102,892
Other non-current assets	1,737,784	1,842,383
Deferred tax assets	91,513	122,415
22,250,026	21,765,203
Current assets
Inventories	109,450	98,221
Trade and other receivables	560,428	566,850
Amounts due from other related companies	7,545	9,493
Financial asset at fair value through profit or loss	9,000	10,799
Available-for-sale financial assets	340,048	550,000
Derivative financial instruments	-	3,064
Restricted cash	53,826	35,053
Cash and cash equivalents	6,468,544	4,855,700
7,548,841	6,129,180
TOTAL ASSETS	29,798,867	27,894,383
EQUITY AND LIABILITIES
Equity attributable to equity holders of the Company
Share capital	1,764,424	593,804
Reserves	18,456,487	20,228,241
Treasury shares	(911,258)	(911,258)
Shares held for employee share scheme	(21,678)	(45,769)
19,287,975	19,865,018
Non-controlling interests	(162,045)	(119,653)
TOTAL EQUITY	19,125,930	19,745,365
Non-current liabilities
Other long term liabilities	219,423	220,337
Long term borrowings	6,196,501	3,223,146
Deferred tax liabilities	668,367	673,771
7,084,291	4,117,254
Current liabilities
Trade and other payables	2,454,761	2,738,495
Amount due to holding company	19,805	19,886
Amounts due to other related companies	118,545	162,031
Short term borrowings	979,802	1,103,426
Derivative financial instruments	2,072	4,006
Taxation	13,661	3,920
3,588,646	4,031,764
TOTAL LIABILITIES	10,672,937	8,149,018
TOTAL EQUITY AND LIABILITIES	29,798,867	27,894,383
NET ASSETS PER SHARE (RM)	3.41	3.51
(The Condensed Consolidated Statement of Financial Position should be read in conjunction with the audited Financial Statements for the financial year ended 31 December 2016.)

GENTING MALAYSIA BERHAD CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2017

Attributable to equity holders of the Company

Cash Flow	Shares held for	Non-
Share	Share	Hedges	Other	Treasury	Employee Share	Retained	controlling
Capital	Premium	Reserve	Reserves	Shares	Scheme	Earnings	Total	Interests	Total Equity
RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000

593,804 1,170,620 (739) 2,250,313 (911,258) (45,769)						16,808,047	19,865,018	(119,653)	19,745,365
1,170,620	(1,170,620)	-	-	-	-	-	-	-	-
-	-	-	-	-	-	516,938	516,938	(48,476)	468,462
-	-	(1,151)	(352,791)	-	-	-	(353,942)	6,084	(347,858)
-	-	(1,151)	(352,791)	-	-	516,938	162,996	(42,392)	120,604
-	-	-	24,050	-	-	-	24,050	-	24,050
-	-	-	(24,091)	-	24,091	-	-	-	-
-	-	-	-	-	-	(412,976)	(412,976)	-	(412,976)
-	-	-	-	-	-	(351,113)	(351,113)	-	(351,113)
-	-	-	(41)	-	24,091	(764,089)	(740,039)	-	(740,039)
1,764,424	-	(1,890)	1,897,481	(911,258)	(21,678)	16,560,896	19,287,975	(162,045)	19,125,930

At 1 January 2017 Transfer of share premium (see Note below) Profit/(Loss) for the financial period Other comprehensive (loss)/income Total comprehensive (loss)/income for the financial period Transactions with owners: Performance-based employee share scheme Employee share scheme shares vested to employees Appropriation: Special single-tier dividend declared for the year ended 31 December 2016 Final single-tier dividend declared for the year ended 31 December 2016 Total transactions with owners At 30 June 2017

Note

With the Companies Act 2016 ("the Act") that came into effect on 31 January 2017, the credit standing in the share premium account of RM1,170.6 million has been transferred to share capital account. Pursuant to subsection 618(3) of the Act, the Group may exercise its right to use the amount standing to the credit of its share premium within 24 months after the commencement of the Act. The Board of Directors will make a decision thereon before 31 January 2019. The balance of RM1,764.4 million in share capital represents 5,938.0 million ordinary shares.

(The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the audited Financial Statements for the financial year ended 31 December 2016.)

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