Genting, Asia’s largest listed casino operator, reported October-December net profit of RM245.4 million against a loss of RM120.8 million a year earlier.

According to the company, the regional tourism market will continue to grow with new attractions, affordable air travel and rising affluence.

However,its UK casino operations will continue to be adversely affected by the weak economic conditions there, said Genting, whose unit Genting Malaysia is the world’s most profitable casino.

It made a net profit of RM1.04 billion for the full year, nearly meeting the average estimate of RM1.1 billion of 21 analysts, according to Thomson Reuters StarMine’s SmartEstimate, a consensus estimate that gives more weight to recent forecasts by top-rated analysts.

Genting’s US$4.5 billion resort on Singapore’s Sentosa island is part of the republic’s plan to attract 17 million visitors and triple annual tourism revenue to S$30 billion by 2015.

Genting, valued at US$7 billion, also has substantial interests in oil palm plantations, power generation and property development which it deems as non-core businesses for sale at the right price.

Eighteen out of 22 analysts tracked by Thomson Reuters  have either a “buy” or “strong buy” rating on Genting, with three calling it a “hold” and one rating it an “underperform”.

Shares of Genting are down about 14 per cent so far this year, lagging the 0.3 per cent gain in the broader market index.

I think the worst times for Genting could be over  as Genting Singapore starts ploughing back its capital expenditure and could pay handsome dividends from next year onwards.