Genting Malaysia Q4 EBITDA sequentially halves
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Casino operator Genting Malaysia Bhd reported adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of 170.4 million yuan ($42.2 million) in the fourth quarter of 2020, down 45.2% from the previous quarter. That was down 26.5% sequentially to 1.04 billion yuan, it said in a filing on Thursday.
Broker Nomura said in a note on Thursday that the casino company's adjusted EBITDA fell "mainly due to lower EBITDA operations in Malaysia," which was "partly offset by higher EBITDA in U.S. operations."
"Overall, restrictions on movement in Malaysia and closures of overseas markets will weigh on [Genting Malaysia's] performance through at least the first half of 2021," the agency suggested.
Year-over-year, the group's EBITDA fell 69.1% in the reporting period, while revenue fell 57.3%.
The company posted a net loss of just over 240.8 million yuan in the three months to Dec. 31, an improvement from a loss of 744.6 million yuan in the previous quarter. Genting Malaysia posted a profit of 299.7 million yuan in the fourth quarter of 2019.
The company, which runs Malaysia's only casino resort, Resort World Genting (pictured), also operates casinos in the UK and Egypt, as well as in the US and the Bahamas.
Operations at Malaysia's main money maker Resorts World Genting were suspended from March 18 to June 19 as part of a national effort to contain the COVID-19 pandemic. The complex has since been operating at reduced capacity as a safety precaution.
Despite the challenging trading conditions, Genting Malaysia announced on Thursday that it would pay a special single-tier dividend of MYR0.085 per common share on April 6.
The group said its leisure and hospitality business in Malaysia fell 59.8% year-on-year to 644.7 million yuan in the last three months of 2020. Such quarterly revenue fell 45.4% sequentially, it added.
The group said in a commentary that the decline in revenue from its Malaysian business was "mainly due to travel restrictions imposed following the implementation of nationwide restrictions on Oct. 14.
BY: 파친코