Latest news with #RM4.5mil
The Star
5 days ago
- The Star
Highway graft probe: RM20mil of funds used for gambling, says MACC
PETALING JAYA: The ongoing probe of a Klang Valley highway project has found that around RM20mil in sukuk funds were used for gambling, says Tan Sri Azam Baki. The Malaysian Anti-Corruption Commission (MACC) chief commissioner told Malay daily Sinar Harian that graft busters also found 300 bottles of top-shelf liquor in a storeroom. "Around 45 witnesses have had their statements recorded as of Sunday (June 1). "The Tan Sri involved in the case is still being warded at a private hospital," he was quoted as saying on Monday (June 2). Previously, the MACC seized or froze assets and bank accounts worth an estimated RM85.6mil while investigating the alleged misuse of sukuk funds linked to a Klang Valley highway project. These include 14 individual accounts holding a total of RM4.5mil, eight company accounts containing RM33mil, luxury vehicles worth RM7.65mil, handbags worth RM3mil, luxury watches worth RM7mil, and properties worth RM24.5mil. The probe centres on a concession holder with a "Tan Sri" title who is suspected of diverting project financing for personal use. Follow us on our official WhatsApp channel for breaking news alerts and key updates!
The Star
29-05-2025
- Business
- The Star
Genting's 1Q25 revenue drops to RM6.5bil
The company said it will also include new ecotourism experiences at Genting Highlands. PETALING JAYA: Genting Bhd will introduce new facilities and attractions in an attempt to enhance Resorts World Genting's (RWG) stature as a regional tourism hub. In a filing with Bursa Malaysia, the company that mainly operates in the resorts industry said it will also include new ecotourism experiences at Genting Highlands. 'We will continue to place emphasis on driving key business segments by improving yield management systems, operational efficiencies and service delivery, while adopting prudent cost management and an agile approach to navigate the increasingly challenging operating environment,' it said. For the first quarter of this year (1Q25) Genting's revenue dropped to RM6.5bil from RM7.4bil in the previous corresponding period, while net profit fell to RM4.5mil from RM588.87mil a year earlier. The decrease was due to its leisure and hospitality segment, as well as the strengthening of the ringgit against the Singapore dollar, US dollar and British pound. Within Malaysia, RWG contributed lower revenue in the quarter under review on the back of the timing of the festive season this year and lower business volumes in the premium-players segment. In Singapore, Resorts World Sentosa registered lower revenue due to a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovations and rebranding work. As for its plantation segment, revenue and earnings before interest, taxes, depreciation and amortisation were higher for the quarter mainly attributable to higher palm product prices and improved sales volume for the downstream manufacturing segment. 'Palm oil prices have since eased, driven by the seasonal recovery in production and the expected buildup in palm oil stocks,' the group noted. Moving forward, the group said it will continue to be cautiously optimistic about the near-term prospects of the leisure and hospitality industry and remains positive in the longer-term. As for its UK market, the recent acquisition of Aspers Stratford in London is expected to strengthen its foothold in the city's casino market. In the United States, it will solidify its position as a market leader in the increasingly competitive New York State gaming sector. Additionally, in the Bahamas, it will drive visitation at RW Bimini by expanding its cruise strategy, which includes increasing port calls from international operators and intensifying marketing and promotional efforts. Meanwhile, the group's subsidiary Genting Malaysia Bhd (GenM) similarly saw a decrease in its revenue for 1Q25 at RM2.6bil compared to RM2.76bil in the same quarter last year. The group said revenue from Malaysia, the United Kingdom, Egypt, the United States and Bahamas's leisure and hospitality business saw a lower topline for the quarter under review. In Malaysia, a 7% decline in revenue was recorded, reflecting an industry trend that is observed in similar markets in the immediate region, particularly in the premium players segment. Its net profit however was higher at RM72.58mil compared to RM57.78mil recorded in the same quarter last year. 'The US dollar denominated borrowings gave rise to a net unrealised foreign exchange translation gain of RM50.4mil in 1Q25 compared with net unrealised foreign exchange translation losses of RM130mil in 1Q24,' it said.
The Star
29-05-2025
- Business
- The Star
Genting to introduce new facilities and attractions at Resorts World Genting
PETALING JAYA: Genting Bhd will introduce new facilities and attractions in an attempt to enhance Resorts World Genting's (RWG) stature as a regional tourism hub. In a filing to Bursa Malaysia, the company that mainly operates in the resorts industry said it will also include new ecotourism experiences at Genting Highlands. 'We will continue to place emphasis on driving key business segments by improving yield management systems, operational efficiencies and service delivery, while adopting prudent cost management and an agile approach to navigate the increasingly challenging operating environment,' it said. For the first quarter ended March 31, 2025 (1Q2025) Genting's revenue dropped to RM6.5bil from RM7.4bil in the previous corresponding period, while net profit fell to RM4.5mil from RM588.87mil a year earlier. The decrease was due to its leisure and hospitality segment, as well as the strengthening of the ringgit against the Singapore dollar, US dollar and British pounds. Within Malaysia, its RWG contributed lower revenue in the quarter under review on the back of timing of the festive season and lower business volumes in the premium players segment. In Singapore, Resorts World Sentosa registered a lower revenue due to a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovations and rebranding works. As for its plantation segment, revenue and earnings before interest, taxes, depreciation, and amortisation were higher for this quarter mainly attributable to higher palm product prices and improved sales volume at the downstream manufacturing segment. 'Palm oil prices have since eased, driven by the seasonal recovery in production and the expected buildup in palm oil stocks,' the group noted. Moving forward, the group said it will continue to be cautiously optimistic of the near-term prospects of the leisure and hospitality industry and remains positive in the longer-term. As for its UK market, the recent acquisition of Aspers Stratford in London is expected to strengthen its foothold in the city's casino market. For the US, it will solidify its position as a market leader in the increasingly competitive New York State gaming sector. Additionally, in the Bahamas, it will drive visitation at RW Bimini by expanding its cruise strategy, which includes increasing port calls from international operators and intensifying marketing and promotional efforts. Meanwhile, the group's subsidiary Genting Malaysia Bhd (GENM) similarly saw a decrease in its revenue for 1Q2025 at RM2.6bil compared to RM2.76bil in the same quarter last year. The group said revenue from Malaysia, UK, Egypt, US and Bahamas's leisure and hospitality business saw a lesser topline for the quarter under review. In Malaysia, a 7% decline in revenue was recorded, reflecting an industry trend that is observed in similar markets in the immediate region, particularly in the premium players segment. Its net profit however was higher at RM72.58mil compared to RM57.78mil recorded in the same quarter last year. 'The US dollar denominated borrowings gave rise to a net unrealised foreign exchange translation gain of RM50.4mil in 1Q2025 compared with net unrealised foreign exchange translation losses of RM130mil in 1Q2024,' it said. Moving forward, GENM said recovery is anticipated to be uneven across regions, causing the regional gaming market to face some challenges.
The Star
27-04-2025
- Business
- The Star
Sabah nets RM4.5mil in sales at MATTA Fair
Visitors vieweng domestic travel package at the MATTA FAIR at MITEC in Kuala Lumpur. .—AZHAR MAHFOF/The Star. KOTA KINABALU: Sabah tourism players earned an impressive RM4.5mil in sales in this year's first MATTA Fair in Kuala Lumpur. Sabah Tourism Board (STB) chief executive officer Julinus Jeffery Jimit said this was a 46% increase compared to last year's fair, affirming Sabah's continued status as a preferred domestic travel destination. He said a total of 43 Sabah travel agents participated in the fair, providing a diverse array of tourism offerings ranging from adventure, culture and nature to community-based tourism. Julinus attributed the success to the dedication and active participation of Sabah's tour and travel agencies, which reflects Sabahan camaraderie in promoting the state's tourism industry together with STB. During the event, the STB booth, with the theme 'Explore Sabah Dulu Bah', encouraged visitors to redeem travel rebate vouchers of up to RM100 with every purchase, requiring a minimum RM600 deposit in a single receipt. To encourage visitors to choose community-based tourism (CBT) products, RM50 travel rebate vouchers per pax – as opposed to per package – were offered to CBT product buyers. STB kept the booth exciting with a virtual reality experience and daily activities to attract visitors and increase retention in the booth while a survey was also conducted to study domestic consumer behaviour. It debuted two local brands as well – Chanteek Borneo and Uinah – both of which received favourable responses. Chanteek Borneo showcased various clothing and textile designs with traditional Sabah motifs, while Uinah introduced the health benefits of its refreshing locally crafted drink made from ingredients harvested sustainably in Sabah. 'STB continued its strong commitment to enhancing its promotional efforts in domestic and international markets, including active participation in major travel events like the MATTA Fair. 'The effort echoes the 'Explore Sabah' campaign leading up to Visit Malaysia 2026,' Julinus added. He also launched the new Augmented Reality Map, available for both the Sabah map and Kota Kinabalu City map. Users can scan a barcode on the maps to unlock more information about key attractions. These maps offer an interactive experience, complete with helpful guidelines and animations. The latest promotional material is part of STB's initiatives to make exploring Sabah a more immersive, engaging and accessible experience. Physical copies of the map were also distributed to attendees at the fair. Currently, it is available for download from STB's official website. Last August, STB launched a digital careline chatbot called Avantang, which provides round-the-clock access to essential travel information and assistance. The facility is accessible from its website, WeChat account or WhatsApp number +6019-939 2121.
The Star
26-04-2025
- Business
- The Star
Sabah tourism earns RM4.5mil at MATTA Fair
KOTA KINABALU: Sabah tourism players earned an impressive RM4.5mil in sales at this year's first MATTA Fair in Kuala Lumpur from April 18 to April 20. This result marks a 46% increase from the same period at last year's Malaysian Association of Tour and Travel Agents (MATTA) fair, affirming Sabah's continued status as a preferred domestic travel destination. Sabah Tourism Board (STB) chairman Julinus Jeffery Jimit (pic) said 43 Sabah travel agents participated in the fair, offering a diverse range of tourism options, including adventure, culture, nature, and community-based tourism. He credited the success to the dedication and active participation of Sabah's tour and travel agencies, reflecting Sabahan camaraderie in promoting the state's tourism industry alongside STB. At the event, the STB booth's 'Explore Sabah Dulu Bah' theme encouraged visitors to redeem travel rebate vouchers up to RM100 with a minimum RM600 deposit in a single receipt. To promote community-based tourism (CBT) products, RM50 travel rebate vouchers per person were offered to CBT product buyers. STB kept the booth engaging with a virtual reality (VR) experience and daily activities to attract visitors and increase retention, while a survey studied domestic consumer behaviour. STB introduced two local brands from Sabah: Chanteek Borneo and Uinah, both receiving positive responses from MATTA Fair attendees. Chanteek Borneo showcased clothing and textiles featuring traditional Sabah motifs, while Uinah introduced a refreshing drink made from sustainably sourced local ingredients. 'STB continues its strong commitment to enhancing promotional efforts for Sabah in domestic and international markets, including active participation in major travel events like the MATTA Fair,' said Julinus. 'This effort echoes the STB 'Explore Sabah' campaign leading up to Visit Malaysia Year 2026,' he added. He also launched the new Augmented Reality Map (AR Map) for both Sabah and Kota Kinabalu City. Users can scan a barcode on the maps to unlock more information about key attractions, offering an interactive experience with helpful guidelines and animations. This latest promotional material is part of STB's initiatives to make exploring Sabah a more immersive, engaging, and accessible experience, said Julinus. Physical copies of the map were distributed at the MATTA Fair and are available for download from the Sabah Tourism Board's official website. Earlier, in August last year, STB launched a digital careline chatbot, called Avantang, providing round-the-clock access to essential travel information and assistance. This facility is accessible from the Sabah Tourism Board website, WeChat account, or WhatsApp number +6019-9392121.
