KUALA LUMPUR, May 22 — The management team of Genting Malaysia Berhad (GENM) are taking a 20 per cent pay cut in accordance with austerity measures introduced amid the ongoing Covid-19 pandemic.
In a statement, GENM said the decision was made after the company suffered a net loss of RM417.96 million in the first quarter of 2020 due to the temporary disruptions in its worldwide operations from the pandemic.
“The company’s financial performance and operations for the rest of the year also remain uncertain at this point in time.
“In response to these challenging conditions caused by the pandemic, GENM has embarked on austerity measures to ensure the long-term sustainability of its business.
“At the onset of this pandemic, the management team volunteered to have their salaries reduced up to 20 per cent,” the group said in a statement.
GENM owns and operates Resorts World Genting (RWG), Resorts World Awana, Resorts World Kijal and Resorts World Langkawi.
For the first time in its 55-year history, RWG has been closed since March 18 in line with the movement control order (MCO) issued by the government.
RWG’s businesses support more than 70,000 jobs in Malaysia which includes its own employees, third party businesses, local suppliers and contractors.