Stock Track | Genting Sing Plummets 8.70% in Early Trading After Q1 Net Profit Dives 55%
Stock Track
May 13
Genting Singapore's stock plummeted 8.70% in early trading on Wednesday, following the release of its first-quarter financial results which showed a sharp decline in profitability.
The company reported a 3% year-on-year drop in revenue to S$607.6 million for the quarter ended March 31. More significantly, its net profit after taxation plunged 55% to S$65.2 million, down from S$145 million in the same period last year.
The disappointing earnings report, released on Tuesday, has triggered a sell-off in the stock as investors react to the weaker-than-expected financial performance.
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