Genting Malaysia Bhd reported better-than-expected quarterly earnings, with net profit surging 35%. This significant growth was primarily driven by the robust recovery of international tourism and an increase in domestic visitor numbers, signaling a strong rebound for the leisure and hospitality sector.
Genting Malaysia Bhd (GENM) announced its latest quarterly earnings on Thursday, surpassing market expectations with a significant 35% year-on-year increase in net profit. This strong performance was primarily attributed to the robust recovery of international tourism and the sustained increase in domestic visitor numbers at its Genting Highlands Resort. The company also registered substantial revenue growth, reflecting improved hotel occupancy rates, gaming revenue, and utilization of entertainment facilities. Management expressed optimism for continued positive business performance in the coming quarters, as global travel restrictions further ease and consumer confidence returns. Despite rising operating costs, effective cost control measures and strong visitor traffic helped the company achieve profit growth. Analysts remain optimistic about Genting Malaysia's prospects, expecting it to continue benefiting from the comprehensive recovery of the tourism sector.
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