SINGAPORE - Shares of Genting Singapore tumbled 4.9 per cent on Friday , after the resort operator on Thursday posted its worst quarterly performance since Resort World Sentosa's opening in 2010.
In a bourse filing on Thursday, Genting Singapore said making zero revenue amid RWS's temporary closure in Q2 was"devastating", despite the"swift implementation of a series of cost-containment measures, including payroll rationalisation as well as other productivity initiatives". DBS lowered its target price for Genting Singapore to $0.70 from $0.75 to reflect its negative earnings adjustment, while Maybank Kim Eng has cut its target price to $0.76 from $0.80, according to separate research notes on Friday.
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