Genting Bhd., Asia’s biggest publicly traded casino operator by market value, returned to profit in the third quarter after cutting costs at its UK casinos and on higher earnings from its Malaysian gambling resort.

The Kuala Lumpur-listed company posted net income of 371.2 million ringgit ($45 million) after losing 40.4 million ringgit in the same period a year earlier. Revenue increased to 2.4 billion ringgit from 2.37 billion ringgit a year earlier, the company said in a statement today.

Takings at the company’s Malaysian casino, Resorts World Genting, grew through the country’s recession, while business at its UK casinos slumped, exacerbated by a weakening of the pound against the Malaysian ringgit, according to today’s statement.

“Due to stringent cost control and a much lower operating overhead structure,” profits from the UK casinos actually rose while revenue fell, the statement said.

An increase in pre-opening expenses for a new casino resort nearing completion in Singapore crimped earnings at the leisure and hospitality division, the company said, without quantifying the impact.

Resorts World at Sentosa in Singapore may open earlier than the January schedule, Genting Bhd. Chief Executive Officer Lim Kok Thay said on Nov 5.

Earlier Opening
Genting, through its unit Genting Singapore Plc, is developing one of two casino resorts approved by the island- state’s government. An earlier opening may put Genting ahead of the rival resort developed by Las Vegas Sands Corp., which said on July 8 it will open its Marina Bay Sands project in January or February.

Genting Singapore is 45% owned by Malaysia’s Genting Bhd. The Singapore resort is expected to generate $690 million in earnings before interest, tax, depreciation and amortisation in the first year of operations, CIMB Investment Bank Bhd. in a report on Aug 4.

Genting Bhd. has expanded into businesses that include power generation and palm oil to cushion swings in casino revenue.

In the past quarter, sales in the power division rose due to the contribution from the Meizhou Wan plant in China. Its plantation, property, oil and gas businesses all recorded lower revenue, today’s statement said.

Genting’s shares have risen 57% this year compared with a 47% gain in the benchmark FTSE Bursa Malaysia KLCI Index.