Asia
Genting Malaysia Reports Huge Loss
Genting Malaysia, a division of betting conglomerate Genting Group, has reported a loss of MYR1.4bn ($499.9 million) for the first half of the year. The loss, as one would expect, results from the partial closure the company’s properties owing to Covid-19 outbreak.
The company posted a revenue of MYR2.1bn during the first six months of 2020, a decrease of 61.2% year on year.
All properties of Genting had remained closed from March 18 to June 19, following a government order. Even after restart, the facilities function at a reduced capacity.
The company’s operations in other countries too have suffered losses, with UK and Egypt divisions reporting a revenue fall of 51.8%. The US and Bahamas divisions too reported a revenue slide of 61.2%.
A press release from Genting said the company would “maintain a cautious stance” in the short-term for both Malaysia and other operating regions.
“The tourism, leisure and hospitality and gaming industries are among the sectors hardest hit by the pandemic,” the press release said. “As the Covid-19 situation continues to evolve, pandemic-related fears and uncertainty may result in the slow recovery of this sector.”
“Whilst the group is encouraged by the resumption of its business in Malaysia and the UK, uncertainties surrounding the full impact of the pandemic on the group’s operations and financial performance remain,” the release stated.
“The board wishes to caution that the group expects its financial results for the financial year ending 31 December to be adversely impacted.”
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