February 24,1999
GENTING INTERNATIONAL P.L.C.
PRELIMINARY ANNOUNCEMENT
(In United States Dollars)
THE DIRECTORS OF GENTING INTERNATIONAL P.L.C. ARE PLEASED TO ANNOUNCE THE AUDITED RESULTS OF THE GROUP FOR THE YEAR ENDED 31 DECEMBER 1998, TOGETHER WITH THE COMPARATIVE RESULTS FOR THE YEAR ENDED 31 DECEMBER 1997 AS FOLLOWS :
| GROUP | ||||
| 1998 US$ '000 | 1997 US$ '000 | + or - % | ||
| OPERATING REVENUE | 5,580 | 290,617 | -98 | |
| OPERATING PROFIT (after crediting share of associate's profits of US$227,000 (1997: US$171,000)) | 4,089 | 29,016 | -86 | |
| EXCEPTIONAL ITEMS | - | (6,994) | -100 | |
| PROFIT BEFORE TAXATION | 4,089 | 22,022 | -81 | |
| TAXATION | (46) | (1,283) | -96 | |
| PROFIT AFTER TAXATION | 4,043 | 20,739 | -81 | |
| MINORITY SHAREHOLDER'S INTERESTS | - | 42 | -100 | |
| PROFIT ATTRIBUTABLE TO SHAREHOLDERS | 4,043 | 20,781 | -81 | |
| (ACCUMULATED
LOSS)/UNAPPROPRIATED PROFIT AT BEGINNING OF YEAR | (32,015) | 400,803 | ||
| TRANSFER FROM DISTRIBUTABLE RESERVE | - | 376,703 | ||
| (ACCUMULATED
LOSS)/PROFIT AVAILABLE FOR APPROPRIATION | (27,972) | 798,287 | ||
| APPROPRIATION : DIVIDEND | - | (830,302) | ||
| ACCUMULATED LOSS AT END OF YEAR | (27,972) | (32,015) | ||
| WEIGHTED AVERAGE EARNINGS PER SHARE | 0.3 CENTS | 4.1 CENTS | ||
| WEIGHTED AVERAGE
EARNINGS PER SHARE (ADJUSTED TO EXCLUDE EXCEPTIONAL ITEMS) | 0.3 CENTS | 5.5 CENTS | ||
| NET TANGIBLE ASSETS
BACKING IN CENTS PER ORDINARY SHARE | 7.2 CENTS | 7.1 CENTS | ||
| FOR THE YEAR UNDER REVIEW, THE GROUP RECORDED A DECREASE IN OPERATING REVENUE FROM US$290.6 MILLION IN 1997 TO US$5.6 MILLION FOR 1998. CONSEQUENTLY, THE GROUP RECORDED AN OPERATING PROFIT OF US$4.1 MILLION AS COMPARED TO US$29.0 MILLION FOR THE CORRESPONDING YEAR. THE DECREASE IN OPERATING REVENUE AND OPERATING PROFIT WERE DUE MAINLY TO THE DEMERGER OF STAR CRUISES PLC GROUP ON 5 DECEMBER 1997. | ||||
OPERATING
| PROFIT BEFORE TAXATION | |||
| 1998 US$ '000 | 1997 US$ '000 | 1998 US$ '000 | 1997 US$ '000 | |
| INVESTMENTS | 3,349 | 980 | 2,674 | (2,134) |
| RESORTS | 2,231 | 2,999 | 1,579 | 2,310 |
| PROPERTIES | - | - | (164) | (160) |
| CRUISE (Discontinued operations) | - | 286,638 | - | 29,000 |
| 5,580 | 290,617 | 4,089 | 29,016 | |
| THE RESULTS OF THE GROUP FOR THE YEAR
ENDED 31 DECEMBER 1998 HAVE NOT BEEN AFFECTED BY ANY MATERIAL FACTORS OR ITEMS OF AN EXCEPTIONAL OR EXTRAORDINARY NATURE. THE GROUP HAS CASH RESERVES OF APPROXIMATELY US$61 MILLION. THE PROPOSED REGENT THEATRE SITE DEVELOPMENT IN SYDNEY, AUSTRALIA HAS RECEIVED DEVELOPMENT APPROVAL IN PRINCIPLE FROM THE LOCAL AUTHORITY AND FINAL APPROVAL WILL BE GRANTED SUBJECT TO SOME DESIGN MODIFICATIONS. IN ASSESSING THE APPROPRIATE TIMING FOR THE COMMENCEMENT OF CONSTRUCTION, THE EFFECTS OF THE CURRENT ASIAN ECONOMIC CRISIS AND THE ANTICIPATED LOWER CONSTRUCTION COST AFTER THE SYDNEY OLYMPICS WILL BE TAKEN INTO CONSIDERATION. THE DIRECTORS DO NOT RECOMMEND THE PAYMENT OF ANY DIVIDEND IN RESPECT OF THE FINANCIAL YEAR ENDED 31 DECEMBER 1998.
GENTING INTERNATIONAL P.L.C.
DATO' LIM KOK THAY
24 FEBRUARY 1999 |