Genting reports 2.4pc rise in Q3 profit

A Genting signage is pictured at the soon to be opened hotel close to Malaysia's border in Singapore April 2, 2015. ― Reuters pic
A Genting signage is pictured at the soon to be opened hotel close to Malaysia's border in Singapore April 2, 2015. ― Reuters pic

KUALA LUMPUR, Nov 26 — Genting Bhd, Malaysia’s gaming-to-plantations conglomerate, today reported a 2.4 per cent rise in profits for the third quarter ended September, mainly driven by higher net foreign exchange gains and a reversal of previously recognised impairment losses.

The group, controlled by the country’s fourth richest man Lim Kok Thay according to Forbes, said net profit for the July-September period rose to RM361.1 million from RM352.7 million the same quarter a year earlier.

Revenue increased 3.4 per cent to RM4.65 billion.

The results were released after the Kuala Lumpur stock exchange had closed. Genting’s shares closed down 0.41 per cent at RM7.30.

Genting shares have dropped 17.4 per cent year to date, underperforming a 4.4 per cent drop in the benchmark stock index over the same period. — Reuters

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