The Genting group of companies, one of Malaysia’s most cash-rich conglomerates, begins its current financial year with a dent in its bottom line.

The first quarter of financial year 2019 (1Q19) has been unfavourable to the group, as its three listed entities in Malaysia and one in Singapore all registered lower net profits on the back of a slew of operational headwinds.

Cumulatively, the four listed companies, namely Genting Bhd , Genting Malaysia Bhd , Genting Plantations Bhd and Singapore-listed Genting Singapore Ltd lost almost RM226mil in earnings for the January to March 2019 period, on a year-on-year (y-o-y) comparison.

A major provision of RM198.3mil for the now-defunct 21st Century Fox-branded outdoor theme park, a decline in Resorts World Sentosa’s gaming business and weaker palm products selling prices were among the key factors that dragged down the conglomerate’s total earnings in the first quarter.

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