Genting Malaysia loses US$96 million in 20Q1 over Covid-19

Genting Malaysia has recorded a net loss of almost RM418 million (about US$96 million) in the first quarter of 2020 compared with a net profit of more than RM268 million a year ago.

The group’s revenue also declined by 29 percent to RM1.96 billion from RM2.74 billion.

The company attributed its losses to the impact of Covid-19 on its operations both within Malaysia and worldwide.

“The pandemic has been absolutely devastating to the tourism industry across the world,” the company statement noted.

It also noted that the group would continue to implement aggressive cost-cutting measures in order to weather the crisis.