In a supporting affidavit in response to the action, Thomas claimed Najib filed the suit for political reasons in time for the Melaka elections and the next general elections which must be held by the middle of 2023.
Hong Leong Investment Bank Research said in a note Genting's core loss after tax and minority interests (LATAMI) of RM296.9 million in the third quarter ended Sept 30, 2021 (3QFY21), which brought its 9MFY21 cumulative loss to RM998.1 million, was above its expectation as it expects Genting to be profitable in the next quarter.
... on factors including rising fuel prices and discontinuation of electricity bill discounts by the government.
Its revenue, however, fell 34.49% to RM388.24 million from RM592.63 million a year ago.
These assets are currently held by its subsidiaries.
This marked the third time the group incurred losses in the last two years.
Compared to the preceding quarter, the group’s net profit increased 49.3% from RM6.13 million.
Its quarterly revenue, however, increased slightly by 3.68% to RM1.07 billion from RM1.03 billion.
Quarterly revenue fell 42% to RM826.27 million, from RM1.42 billion last year, mainly contributed by its UK and Egypt operations (RM406 million), US and Bahamas operations (RM364.2 million) and Malaysia operations (RM17.7 million).
Also contributing to the weaker quarter was its share of losses from joint ventures and associates, in particular from the Meizhou Wan power plant in China.
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