Genting Bhd posted a weaker year-on-year net profit of RM693.63 million in the first quarter, compared to RM824.18 million previously, while revenue dipped from RM4.89 billion to RM4.42 billion in Q1.

With most of its business sections recording lower revenue, the company said that its property division was an exception, as it contributed higher earnings buoyed by improved demand for the Genting Plantations Bhd's commercial and industrial properties.

"The (property) division's revenue also included rental income from properties owned by the Genting Malaysia Bhd in Miami, Florida which Genting Malaysia had acquired in the second quarter of 2011. The higher revenue contributed to a higher EBITDA (earnings before interest, taxes, depreciation and amortisation) from this division," it said.

Moreover, Genting's profit before tax also gained on the withdrawal of RM174.3 million holdings from the separation of the company's indirect full-rate equity interests in Sanyen Oil & Gas Pte Ltd to AWE Ltd. and Genting Oil Natuna Pte Ltd.

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