Genting Bhd and its 49.5% owned Genting Malaysia Bhd both swung into the red in the third quarter ended Sept 30, 2018, with net losses of RM275.79mil and RM1.49bil, respectively, mainly due to impairment losses.
Genting said it incurred pre-tax loss of RM268.6mil compared with pre-tax profit of RM818mil a year ago. Group revenue rose 7% to RM5.38bil from RM5.04bil a year ago.
Genting Malaysia’s RM1.49bil net loss was in contrast with the net profit of RM193.77mil a year ago. It recorded a 15% growth in total revenue to RM2.59bil from RM2.27bil previously.
The impairment loss was due to the uncertainty of recovery of the group’s investment following the US Federal Government’s decision.