Thursday February 28, 2013

Genting Bhd FY12 earnings up 38.9% to RM3.98bil

KUALA LUMPUR: Genting Bhd's earnings rose 38.9% to RM3.983bil in the financial year ended Dec 31, 2012 compared with RM2.867bil in FY11, boosted by gains from the sale of its Kuala Langat power plant in October 2012.

It said on Thursday the profit for FY2012 from discontinued operations of RM2.064bil related to the power plant. Included in the profit was a gain on disposal of RM1.88bil from the disposal of this power plant.

Its revenue fell 7% to RM17.25bil from RM18.58bil in FY11 due to lower contribution from the plantations segment, which fell 7% to RM1.081bil from RM1.20bil in FY11.

Revenue from its power business declined 7% to RM859.1mil from RM922.8mil but property increased 35% to RM220.9mil from RM163.8mil.

Genting Bhd said there were impairment losses of RM397.40mil in FY12, compared with RM38.9mil in FY11 while assets written off surged to RM326mil from RM74.5mil.

Profit before tax for FY12 was down 24% to RM4.86bil from RM6.36bil. Profit for the year from continuing operations fell 24% to RM3.722bil from RM4.914bil.

However, there was a profit of RM2.06bil from discontinued operations compared with RM231.3mil in FY11.

For Q4 ended Dec 31, 2012, its earnings jumped 220% to RM2.47bil from RM772mil a year ago due the profit of RM1.906bil from discontinued operations.

Its revenue fell 6.8% to RM4.487bil from RM4.819bil a year ago. Its earnings per share were 67.01 sen compared with 20.94 sen. It proposed a dividend of 4.5 sen a share.

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