Genting goes from RM268 million in profit to RM417.9m in loss since pandemic.

The company may layoff up to 20% of their 20,000 staff.


Alfred Lee22 May, 2020

Genting goes from RM268 million in profit to RM417.9m in loss since pandemic.

Casino and theme park operator, Genting Malaysia, has posted a Q12020 net loss of RM417.95 ($95.82) million as the business suffers from the devastating effects of the pandemic.

In comparison, the company made RM268.28 ($61) million in net profit the previous quarter.

The group’s losses did not come as a surprise as many places of gatherings, including bars, clubs, and entertainment centres have been shut down temporarily since mid-March due to the pandemic.

Genting operates hotels, theme parks, entertainment centres, and more.

In an earlier report, Genting Malaysia is also expected to shed 10% - 20% of their existing 20,000 workforce.

The company also announced pay cuts in April 2020, the first time since 1965.

Alfred LeeAuthor

Journalist at BEAMSTART. I write about breaking business news in the region.

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