KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25. The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended. Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.
Higher Finance Costs, Weaker Revenue Impact Earnings
- Genting Bhd (KL:GENTING) reported a net loss of RM169.39 million for 4QFY2024, reversing from a RM150.99 million profit a year earlier.
- The group's first quarterly loss since 4QFY2022 was driven by higher finance costs, net impairment losses, and increased losses from joint ventures and associates.
- Quarterly revenue fell 5.3% to RM6.88 billion due to weaker performance in the leisure and hospitality segment, exacerbated by the strengthening of the ringgit against key foreign currencies.
Dividend Declared at Lower Payout
- Final dividend of 5 sen per share, down from 9 sen last year, bringing total FY2024 dividend to 11 sen per share, compared to 15 sen in FY2023.
Financial Performance Breakdown
- Adjusted EBITDA down 27% YoY to RM1.68 billion from RM2.29 billion.
- Finance costs rose 35.1% to RM513.36 million.
- Impairment losses declined 54.7% to RM26.94 million.
- Share of losses from joint ventures and associates surged over 3x to RM69.29 million.
Full-Year Net Profit Drops Despite Higher Revenue
- FY2024 net profit fell 5% to RM882.95 million despite revenue rising 2.21% to RM27.72 billion.
- Full-year adjusted EBITDA remained stable at RM8.78 billion, compared to RM8.84 billion in FY2023.
Outlook: Optimism in Tourism, Gaming & Expansion
- Genting expects global tourism growth to sustain recovery, benefiting its regional gaming market.
- Genting Malaysia Bhd (KL:GENM) is cautiously optimistic, focusing on:
- Marketing strategies to boost visitation at Resorts World Genting (RWG).
- New ecotourism experiences and infrastructure upgrades at Genting Highlands.
- 60th-anniversary promotional events to attract more visitors.
- In the US, Genting aims to expand its market presence and operational capabilities.
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