Genting's net profits down in past year from S$179.7 million to S$1.4 million

Genting Berhad's net profits in the first quarter of 2025 took a plunge to RM4.57 million (S$1.4 million), compared with RM588.87 million (S$179.7 million) in the corresponding quarter last year.

In a press release on May 29, the Malaysian-based conglomerate reported its financial results for the first quarter ending Mar. 31, 2025.

Total revenue that quarter was RM6.51 billion (S$1.99 billion), around 12 per cent less than the RM7.43 billion (S$2.27 billion) earned the previous year.

According to Genting, the leisure and hospitality division accounted for most of the decrease.

Leisure and hospitality businesses under Genting Berhad include Resorts World Sentosa (RWS) and Resorts World Genting (RWG), both of which recorded a drop in quarterly revenue.

The group explained that RWS was affected by lower revenue at the casino, and the temporary closure of the Hard Rock Hotel for renovation and rebranding works.

More uncertainties ahead

Genting said that it might continue to face financial challenges for the remainder of 2025.

Although it expects demand for international tourism to be resilient, recovery could be uneven across regions due to ongoing international trade and market volatility.

However, the group "continues to be cautiously optimistic of the near-term prospects of the leisure and hospitality industry and remains positive in the longer-term".

In RWS, various "high-impact projects" are lined up for 2025 and beyond, including the opening of the new Singapore Oceanarium in July.

Top image from Resorts World Genting's website