Genting Berhad reports 80 percent fall in revenue for Q2

Genting Berhad announced on Thursday that its revenue for the April-June 2020 quarter had fallen 80 percent year-on-year to RM1.1 billion (US$266 million). The decrease in revenue came mainly from the Leisure & Hospitality segment of the group.

A statement from the company noted that Resorts World Sentosa had been obliged by the Covid-19 pandemic to suspend all guest services from April 6 until the end of the quarter. Revenue was only RM78 million.

“As tourism is the main driver of RWS’s business and the pandemic has caused major disruptions to the global travel and tourism industry, its operations and financial performance have been severely impacted,” the statement observed.

Meanwhile, Resorts World Genting was closed from March 18 until June 19, also as a result of the coronavirus. Revenue came in at RM80.8 million.

It was much the same picture in other parts of the world.

Overall, Genting Berhad suffered RM1.5 billion in financial losses for the quarter.