Malaysian conglomerate Genting Bhd said that its 2004 net profit rose 30 percent year-on-year to RM928.04 million (US$244.22 million).

The group attributed its performance to higher contributions from its leisure and hospitality, power, plantations and paper operations.

Sales for the full year to end December rose to RM4.65 billion, from RM4.24 billion a year earlier, while pretax profit was RM1.78 billion compared to RM1.56 billion previously.

Genting said an increase in revenue at the leisure and hospitality division was mainly due to higher visitor arrivals.

Rise in sales

It said the rise in plantations revenue was due mainly to higher selling prices for palm products and a 13 percent increase in fresh fruit bunches, as a result of additional harvesting areas from existing as well as newly acquired plantations.

The group said the paper division saw a rise in sales because of higher average selling prices for paper, while the oil and gas division was up, mainly due to higher average oil prices.

For the fourth quarter, Genting posted a net profit of RM239.27 million against RM150.59 million a year earlier, while sales amounted to RM1.19 billion compared to RM1.15 billion previously. - AFP