Genting Singapore shares sold off on dismal earnings and no interim dividend in 1H

SINGAPORE -Investors dumped the stock of Genting Singapore on Friday , a day after the listed casino operator posted its worst-ever quarterly performance and did not declare an interim dividend for the first half, despite sitting on a huge net cash pile of about $3.3 billion.

He, however, added that despite the"brutal hit to its earnings, we believe downside from here on is limited due to its attractive valuation." Without international travellers, its non-gaming attractions will also not be able to break even, he added. The move sent gaming revenues plunging 99 per cent to just $6.5 million in the second quarter from $441.1 million a year ago, while non-gaming revenues plummetted 92 per cent to $16.3 million from $195 million a year ago.

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