Quarterly Turnaround
Genting Bhd., a Malaysian resort operator, has reported a remarkable turnaround in its financial performance, posting profits for both the fourth quarter and full year of 2023. The company announced a profit of MYR150.1 million during the final quarter, marking a significant improvement from a net loss of MYR168.7 million in the same period the previous year. The notable surge in revenue in its leisure and hospitality division, along with reduced impairment losses and lower finance costs, played a pivotal role in this positive outcome.
Full-Year Figures
For the entire year of 2023, Genting recorded a net profit of MYR929.2 million, in stark contrast to a net loss of MYR299.9 million in the preceding year. This impressive performance was largely driven by the robust showing of its leisure and hospitality segment. Despite falling short of analysts’ expectations for a net profit of MYR1.34 billion, as per a FactSet poll, the company remains optimistic about the future.
Optimistic Outlook
In the upcoming period, Genting foresees continued growth in global air travel connectivity and a revival of Asian markets, which are expected to bolster the recovery of international tourism. While challenges such as macroeconomic uncertainties and geopolitical tensions may impact travel demand, the regional gaming sector shows promise for further strengthening.