Genting Singapore Shares Dip as Currency Losses Hit Profit
ByGenting Singapore Plc fell the most in six years after the casino operator warned of a significant fall in second-quarter profit on derivative and currency losses, amid a downturn in gambling by mainland Chinese.
Genting Singapore fell as much as 11 percent, the biggest slump since May 2009. The shares were down 6.1 percent as of 9:50 a.m. in Singapore, against the 0.3 drop in the benchmark Straits Times Index.
The profit slump is mainly due to “fair value loss on derivative financial instruments” following unfavorable market conditions and unrealized foreign-exchange translation losses, Genting Singapore, which operates the Resorts World Sentosa, said in a statement. It expects adjusted earnings before interest, taxes, depreciation and amortization for the quarter ended June 30 to be comparable with the previous three months…
Genting Singapore Shares Dip as Currency Losses Hit Profit
