Revenue stood at RM4.1bil compared with RM2.1bil previously.
Genting said in a statement that the increase came mainly from its leisure and hospitality division following the commencement of Resorts World Sentosa (RWS) in Singapore.
It said the improved revenue from RWS was largely due to better luck in the premium players business, which also contributed to improved profit.
Genting said its casino in Britain benefited from an increase in business volume but the weaker pound sterling translated into lower casino revenue in ringgit terms.
It said revenue and profit from Genting Plantations Bhd was higher in the quarter as a result of better palm product prices and improved fresh fruit bunches production.
However, its power energy division Genting Energy Ltd recorded a lower revenue due to lesser generation of electricity by its Meizhou Wan plant in China.
Genting’s oil and gas division also posted a drop in revenue and profit due to lower share of entitlement in China.
The company said, overall, its better performance in the quarter was due to share of results in jointly controlled entities and associates.
For the six months ended June 30, Genting posted a 124% increase in net profit to RM971.6mil compared with RM427.6mil in the corresponding period a year ago.
Revenue jumped 71.4% to RM7.2bil from RM4.2bil before.
The company said it was cautiously optimistic about its prospects as regional competition continues.
“While business has been resilient, the management will continue to closely monitor the competitive environment and intensify its plans to meet growing competition.”
Genting also said that with the opening of Marina Bay Sands, RWS’s business had showed resilience and its business model had displayed impressive strength.
“RWS continues to be optimistic with its business model for the rest of the year,” it said.
It added that the resort hosted a series of high-profile entertainment events and promotions and would continue to fill the rest of its year-long calendar with activities to encourage fresh and repeat visitations.
It said RWS would continue to improve its attractions, facilities and infrastructure to meet guest expectations. Construction of the West Zone has started and it is expected to commence operations next year.
Genting also said the performance of its power division was expected to be impacted by the Meizhou Wan plant, which was experiencing lower-than-expected tariff increases and reduced generation hours.
The performance of its plantation division remains satisfactory.
Genting has declared a gross interim dividend of 3.3 sen per ordinary share of 10 sen each, less 25% tax, for the first half of 2010. [As usual, no special dividends from this stingy stooge!]
This represents a 10% increase compared with 3 sen per ordinary share of 10 sen each, less 25% tax, in the first half of last year.
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