KUALA LUMPUR (May 24): Genting Malaysia Bhd's (GENM) net profit climbed 10.6% to RM358.24 million in the first quarter ended March 31, 2018 (1QFY18) from RM323.92 million a year ago, due to higher adjusted earnings before interest, tax, depreciation and amortisation from the leisure and hospitality business in Malaysia, the US and Bahamas.

This resulted in higher earnings per share of 6.33 sen in 1QFY18 compared with 5.73 sen in 1QFY17.

Quarterly revenue also grew 7.9% to RM2.4 billion from RM2.22 billion a year ago, on increased revenue from the leisure and hospitality business in Malaysia, mainly contributed by overall higher business volume from mass to premium segments of the business.

"The opening of new attractions under our Genting Integrated Tourism Plan (GITP) has contributed significantly to the increase in revenue," GENM said in a filing with Bursa Malaysia today.

On prospects, GENM said the group remains optimistic on the opportunities and growth potential of the leisure and hospitality industry.

"In Malaysia, the ongoing development of the Genting Integrated Tourism Plan at Resorts World Genting (RWG) remains the primary focus of the group as it prepares to roll out the new Skytropolis indoor theme park and the highly anticipated Twentieth Century Fox World Theme Park," it said.

"In the UK, the group will place more emphasis on its strategies of strengthening its position in the non-premium gaming segment and improving overall business efficiency in view of the challenging domestic operating environment.

"Additionally, the group will continue its efforts on stabilising operations and growing business volumes at Resorts World Birmingham," it added.

GENM shares fell 17 sen or 3.33% to close at RM4.93 today, bringing a market capitalisation of RM 27.9 billion.