In today’s edition of Evening 5 — Genting Malaysia posted its highest quarterly net profit since the Covid-19 outbreak, which pushed up the earnings of its mothership. Meanwhile, as earnings season reaches a fever pitch, YTL Corp posts its best quarterly numbers since 2006.
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00:00 [Music]
00:04 Genting Malaysia saw its net profits skyrocket 15-fold to RM177.4 million for its third quarter,
00:11 the group's highest quarterly profit since the COVID-19 outbreak in the first quarter of FY 2020,
00:17 as its leisure and hospitality businesses continued to recover.
00:21 During the previous year's corresponding quarter, earnings had come in at just RM11.38 million.
00:27 Revenue improved 19% year-on-year to RM2.71 billion from RM2.27 billion
00:32 as business volume was higher in Malaysia, UK and Egypt,
00:36 while the group's US and Bahamas operations enjoyed higher contributions from Resorts World New York City.
00:43 Going forward, Genting Malaysia said the positive outlook for international tourism is expected to be sustained,
00:49 although macroeconomic concerns could continue being a critical factor in the effective recovery of the tourism sector.
00:56 Commenting on its hilltop resort in Malaysia, the group said ongoing upgrading and development works at the mid-hill
01:02 are progressing well, with new product offerings and attractions in the pipeline.
01:06 In the US, Genting Malaysia said it is exploring opportunities to reinforce its competitive position in the region,
01:13 which include developments surrounding the New York Gaming Facility Board's request for application
01:18 to solicit proposals for up to three commercial casinos in New York State.
01:23 Meanwhile, Mothership Genting saw its net profit more than quadruple for its third quarter,
01:28 from RM128 million to RM520.5 million due to the recovery of its leisure and hospitality businesses gaining further momentum.
01:37 Also helping was lower impairment losses, lower net finance costs, higher share of profit in JVs and associates.
01:44 Quarterly revenue grew 20% year-on-year to RM7.4 billion.
01:49 [Music]
01:54 Whitetail Corp posted its best quarterly net profit since 2006 at RM521.7 million for its first quarter,
02:01 as contributions from all its business segments grew save for construction.
02:05 This represents a 14-fold increase from the previous year, where earnings came in at RM36.6 million.
02:12 Revenue for the quarter rose 15.9% year-on-year to RM7.52 billion from RM6.49 billion previously.
02:19 In the latest quarter, under review, the conglomerate's two biggest contributors were utilities through YTL Power International,
02:26 in which it has a 49.08% direct and a 6.49% indirect stake,
02:32 and cement and building materials through 78.58% indirect-owned Malayan Cement.
02:38 Executive Chairman Tan Sri Francis Yeo Sok Ping says the cement segment saw higher volumes and stabilisation in selling prices
02:46 for both domestic cement and ready-mix concrete, offsetting the impact of higher energy costs.
02:51 Meanwhile, the utilities segment recorded better margins and the strengthening of the Singapore dollar against the ringgit,
02:57 while the water and sewerage through Wessex Water UK saw higher revenue,
03:02 but continued to be affected by higher interest accruals on index-linked bonds.
03:06 On its biggest contributor, YTL Power, net profit rose nearly fivefold to RM847.9 million from RM173.3 million,
03:14 mainly from its Singapore electricity generation and retail operations.
03:19 Its investment holdings posted a huge turnaround to pre-tax profit of RM112.57 million from losses of RM6.5 million,
03:26 in which it pointed to the upcoming data centre in Kulai Johor.
03:35 Sugar Refiner MSM Malaysia Holdings' net loss narrowed to RM36.06 million for its third quarter,
03:42 thanks to improved margins from higher average selling price, lower freight costs and better capacity utilisation.
03:49 Revenue grew 21% year-on-year to RM806.7 million from RM668.1 million a year ago.
03:56 Despite stronger demand from local and export markets,
03:59 MSM said the prevailing high input costs continue to impede the improvement of the group's financial performance.
04:06 MSM said the joint sugar industry requires urgent government intervention to increase the price of sugar
04:12 or subsidy for the retail segment to ensure food security and long-term sustainability of the industry.
04:19 Group CEO Syed Faisal Syed Mohamad pointed out that Malaysia's sugar control price is the cheapest in the region and the world,
04:27 representing an anomaly in economics.
04:29 He added that many other countries in the region have increased sugar prices, such as Indonesia and Thailand,
04:35 and is seeking the government's support on a price normalisation to help overcome high input costs.
04:41 Syed Faisal said that MSM are taking all measures to ensure return to profitability
04:46 and will ensure uninterrupted supply of sugar in the market.
04:55 SPSA saw its third quarter net profit decline 26% to RM51.8 million compared with RM70.2 million previously,
05:02 despite quarterly revenue improving by 25% year-on-year to RM1.08 billion
05:08 on the back of improved performance from all its business segments.
05:11 However, SPSA managed to surpass its sales achieve from last year,
05:15 recording RM3.89 billion for its nine months of FY20-23 on the back of land sales and strong demand for its offerings.
05:23 As at end September, the group has secured bookings of RM450 million and currently has 44 ongoing projects
05:30 and on-bill sales of RM6.76 billion.
05:34 SPSA also announced today the disposal of 17.99 acres of land in Setia City, Selangor,
05:41 for RM228.8 million in cash to KSL Bestari as part of its ongoing efforts to optimise its portfolio.
05:48 The developer currently still has an effective remaining land bank of 5,549 acres
05:53 with an estimated GDP of RM113.11 billion.
05:58 President and CEO Dato' Chung Kai Wai said that SPSA remains optimistic of the future of the Malaysian property market
06:05 and will continue to pursue growth opportunities both in Malaysia and overseas
06:09 while keeping vigilant over its capital structure and effectively pursuing de-gearing initiatives,
06:15 which he says will significantly improve SPSA's financial flexibility.
06:19 The Sarawak government is currently conducting due diligence on mass swings in preparation for its acquisition,
06:30 the Sarawak State Legislative Assembly was told on Thursday.
06:34 State Deputy Transport Minister Datuk Dr Jereb Susil said negotiations are also ongoing
06:39 with Malaysia Aviation Group and Kasana National to acquire the shares in mass swings.
06:45 He was quoted by Merdama as saying that the takeover will be in stages
06:48 and the operation of the Sarawak-owned airline will only commence once the whole takeover process is completed and finalised.
06:56 Sarawak-owned Hornbill Skyways, which has been operating air charter services in Sarawak since 1977,
07:02 was mandated to take over the ownership of mass swings and operate rural air services in Sabah and Sarawak.
07:09 Sarawak Premier Tan Sri Abang Johari Oping had said that the state government aims to make Kuching the airline's main hub
07:16 and expand the carrier's routes to regional destinations including Australia, Hong Kong, Singapore, Japan, South Korea and India.
07:25 However, he said mass swings would not be profit-oriented as the aim of the expansion is to serve the people.
07:31 [Music]