KUALA LUMPUR (June 17): Genting Malaysia Bhd, which had slipped into the red with a net loss of RM417.95 million for the first quarter ended March 31, 2020 (1QFY20), is mulling up to 3,000 job cuts, according to sources quoted by Bloomberg.

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“Genting Malaysia is cutting about 3,000 jobs from [mainly] its casino as well as food and beverages business,” according to people familiar with the matter who asked not to named as the matter is private, said Bloomberg.

The sources said: “Dismissals have already started.” However, Bloomberg said a representative for the company didn’t immediately respond to requests for comment at the time of writing.

The potential number of job cuts is similar to what theedgemarkets.com reported earlier. On May 21, citing sources, theedgemarkets.com wrote that Genting Malaysia will be retrenching about 10% to 20% of its staff force. Genting Malaysia has a total workforce of 20,000 worldwide, according to its latest annual report.

The Covid-19 pandemic has had an adverse impact on the casino operator, which has caused its operations to be halted for three months, as the government implemented the movement control order on March 18 to curb the spread of the virus. Last month, Genting Malaysia posted a net loss of RM417.95 million for 1QFY20, compared to a net profit of RM268.28 million for the previous corresponding quarter. Its quarterly revenue shed 28.5% to RM1.95 billion from RM2.73 billion a year ago.

In conjunction with the result announcement, Genting Malaysia also announced that it will undertake restructuring exercises as the pandemic continued to wreak havoc. The restructuring exercises, Genting Malaysia said, were aimed at its home operations, including voluntary pay cut and 'rightsizing its workforce'.

In view of the devastating impact of Covid-19 on the tourism and entertainment industry, PublicInvest Research said earnings recovery for Genting Malaysia may take time as the research house expects the company’s operations may not fully return to normalcy even in the financial year ending Dec 31, 2021 (FY21).

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“Even if casinos and other tourist attractions are allowed to operate once the lockdowns are eventually lifted, we believe restrictions will be enforced with limitation to operating capacity in order to foster compliance with social distancing guidelines. We opine that these restrictions will continue beyond 2020,” said PublicInvest Research in a note dated May 22.

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The research house said the headwinds would persist due to the limitation to operating at full capacity compounded with the impact of economic fallout on consumer sentiment and delays in opening the theme park to end 2021, from second half 2020.

It now anticipated the company to generate an annual net loss of RM392.9 million for FY21, and returned to the black with a net profit forecast of RM723 million for FY21 and RM1.32 billion for FY22.

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At 11.15am, Genting Malaysia's share price rose seven sen or 2.69% to RM2.67 for a market capitalisation of RM14.7 billion. The stock saw some 7.35 million shares traded. The stock has recovered 46% from its recent low of RM1.83 on March 23.