KUALA LUMPUR (Feb 24): Shares in Genting Bhd and Genting Malaysia Bhd (GENM) declined in early trade on Friday (Feb 24), after both companies posted net losses.

At 9.35am, Genting dipped 1.49% or seven sen to RM4.64 with 74,000 shares traded, while GENM declined 1.82% or five sen to RM2.70 with 5.83 million shares done.

Genting Bhd’s net loss widened to RM168.72 million in the fourth quarter ended Dec 31, 2022 (4QFY2022) from RM129.8 million a year earlier, mainly due to a net impairment loss of RM304.8 million besides higher depreciation charges and net unrealised foreign exchange losses. Nonetheless, the group declared a final dividend of nine sen per share. Quarterly revenue grew 31.5% to RM6.36 billion from RM4.84 billion, boosted by the group’s leisure and hospitality division, especially in the US and Bahamas. 

Genting’s subsidiary Genting Malaysia Bhd (GENM) slipped into the red with a net loss of RM393.97 million in 4QFY2022, compared to a net profit of RM174.12 million a year ago, dragged down by higher finance costs, impairment losses, depreciation charges and net foreign exchange translation losses. Quarterly revenue, however, increased 28.87% to RM2.43 billion from RM1.89 billion. The group declared a final dividend of nine sen per share.