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Malaysia’s Genting Bhd hit the jackpot after reporting that net profit in the second quarter was more than doubled, fuelled by strong sales from its hospitality and leisure division.
“The increase came mainly from the leisure and hospitality division with the commencement of operations of Resorts World Sentosa (RWS) in Singapore,” it said in a statement.
Earlier, Genting Singapore announced that its Q2 net profit rose to S$396.5 million, recovering from a loss of S$50.7 million in the previous year.
Gaming operations of Genting group is growing globally, with its most recent $1.3-billion casino project in New York. Genting Malaysia is also acquiring a UK casino operation from Genting Singapore after it received shareholder approval during an extraordinary meeting early this week.
The company’s net profit in Q2 increased to RMB739.2 million ($235 million) from RMB214.5 million in the previous year.
While most Malaysian analysts do not provide forecast for quarterly earnings, some analysts asked by Reuters projected that Genting’s full year net profit may reach RMB1.6 billion.
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August 2010 Property News
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Reader Comments: (1 comments)
like its sister company, genting malaysia is also bagging huge profits.