KUALA LUMPUR, Dec 4 (Bernama) -- Bursa Malaysia rallied to close broadly higher on Wednesday amid strong buying interests mainly in utility and technology stocks, with the benchmark index gaining 0.44 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.13 points to 1,614.09 from Tuesday’s close of 1,606.96. The index opened marginally higher at 1,606.97 and moved between 1,606.53 and 1,616.03 throughout the day. Advancers thumped decliners 727 to 381 on the broader market, with 522 counters unchanged, 781 untraded and 10 suspended. Turnover advanced to 3.60 billion units valued at RM3.30 billion versus 3.32 billion units valued at RM3.30 billion on Tuesday.
Genting Bhd reported a 57% drop in 3QFY2024 net profit to RM223.8 million, down from RM520.52 million a year earlier, primarily due to RM207.3 million in property, plant, and equipment (PPE) write-offs, compared to RM1.3 million last year. Revenue fell 11.2% year-on-year to RM6.54 billion, marking its lowest since 1QFY2023.
Key Segment Highlights:
Leisure and Hospitality:
- Resorts World Sentosa (RWS): Lower VIP rolling volume and win rate reduced revenue and EBITDA.
- Resorts World Genting (RWG): Higher operating expenses led to lower EBITDA.
- UK and Egypt: Increased business volume boosted revenue and EBITDA.
- US Resorts (New York City & Bimini): Lower revenue and higher costs reduced EBITDA.
- Resorts World Las Vegas (RWLV): Occupancy at 85.1% and Average Daily Rate (ADR) at USD244, impacted by an abnormally hot summer and economic uncertainty.
- Power Segment:PBT dropped 24% to RM100.6 million due to prolonged maintenance at the Banten plant in Indonesia.
- Plantation Segment:PBT slipped 1% to RM199.7 million, affected by lower sales volume of palm products.
- Investments and Others:Recorded PBT of RM418.9 million, compared to a loss of RM85.6 million last year, driven by unrealised forex gains on USD borrowings at Genting Malaysia Bhd (GENM).
Year-to-Date Performance:
For the nine months of FY2024, net profit rose 35.1% to RM1.05 billion, with revenue up 5% to RM20.84 billion.
Future Outlook:
- International Tourism: Positive recovery supported by global demand, improved air connectivity, and stronger regional gaming markets.
- Malaysia: New ecotourism attractions to roll out in 2025.
- UK: Focus on efficiency and market share growth.
- US: Expanding customer base and pursuing opportunities for up to three new commercial casinos in New York.
- Singapore: Phased rollouts under Resorts World Sentosa 2.0 to enhance visitor experiences.
Stock Performance:
Genting’s shares fell 1 sen to RM3.75, bringing its market cap to RM14.54 billion, with an 18% decline year-to-date.
Genting remains optimistic about recovery, driven by innovative offerings and strategic investments in key markets.
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