KUALA LUMPUR (Feb 28): GENTING BHD []’s reported net profit of RM772.91 million in the fourth quarter ended Dec 31, 2011 was 66% higher compared with RM465.43 million a year ago.
It said on Tuesday its revenue increased by 23.9% to RM5.06 billion from RM4.08 billion. Its earnings per share were 20.94 sen compared with 12.57 sen while it proposed a dividend of 4.5 sen a share.
Group profit before tax was RM1.802 billion, compared with RM1.182 billion a year ago.
“The group’s profit before tax for 4Q11 included a reversal of RM308.6 million in respect of previously recognised impairment loss which relates to the UK casino licenses and a net fair value gain of RM64.4 million on derivative financial instruments,” it said.
Genting Bhd added that the profit before tax in 4Q10 had included a loss on discontinuance of cash flow hedge accounting using interest rate swaps of RM145.4 million arising from settlement of interest rate swaps.
“The increase in the revenue of the leisure & hospitality division was contributed by the leisure and hospitality businesses in Singapore, Malaysia, the UK and the US,” it said.
Genting said revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) improved from that of 4Q10 as the just ended quarter benefited mainly due to overall higher volume of business despite a lower hold percentage in the premium players business.
The higher revenue and EBITDA from the UK operations were due mainly by its London casino operations.
For FY11, its earnings increased by 30.1% to RM2.867 billion from RM2.202 billion while revenue increased by 28.7% to RM19.56 billion from RM15.19 billion.
It said on Tuesday its revenue increased by 23.9% to RM5.06 billion from RM4.08 billion. Its earnings per share were 20.94 sen compared with 12.57 sen while it proposed a dividend of 4.5 sen a share.
Group profit before tax was RM1.802 billion, compared with RM1.182 billion a year ago.
“The group’s profit before tax for 4Q11 included a reversal of RM308.6 million in respect of previously recognised impairment loss which relates to the UK casino licenses and a net fair value gain of RM64.4 million on derivative financial instruments,” it said.
Genting Bhd added that the profit before tax in 4Q10 had included a loss on discontinuance of cash flow hedge accounting using interest rate swaps of RM145.4 million arising from settlement of interest rate swaps.
“The increase in the revenue of the leisure & hospitality division was contributed by the leisure and hospitality businesses in Singapore, Malaysia, the UK and the US,” it said.
Genting said revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) improved from that of 4Q10 as the just ended quarter benefited mainly due to overall higher volume of business despite a lower hold percentage in the premium players business.
The higher revenue and EBITDA from the UK operations were due mainly by its London casino operations.
For FY11, its earnings increased by 30.1% to RM2.867 billion from RM2.202 billion while revenue increased by 28.7% to RM19.56 billion from RM15.19 billion.
