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Bigger loss for Genting S'pore
Feb 20, 2010
By Robin Chan
GENTING Singapore's share price slid for a fourth straight day on Friday in heavy trading amid continued worries over its newly opened Resorts World Sentosa (RWS), Singapore's first integrated resort.
There was more grim news after the market closed as Genting posted a full-year net loss of $277.6 million, more than double the $124.8 million in 2008. Revenue fell 22 per cent to $491. 2 million.
The stock continued to be sold down and slid to a near six month low losing one cent, or 1.1 per cent, to 94 cents. It is now down 28 per cent from a record high of $1.30 it hit on Dec 31.
The counter has been traded heavily since its casino opened over the Chinese New Year holiday period, with 366 million shares changing hands on Friday following 369 million done on Thursday.
This is more than triple the average daily volume of 105 million shares of Genting traded over the past six months.
Analysts at Nomura Securities think the stock has further to fall as RWS has already announced the openings of its key attractions - the casino and theme park.
Feb 20, 2010
By Robin Chan
GENTING Singapore's share price slid for a fourth straight day on Friday in heavy trading amid continued worries over its newly opened Resorts World Sentosa (RWS), Singapore's first integrated resort.
There was more grim news after the market closed as Genting posted a full-year net loss of $277.6 million, more than double the $124.8 million in 2008. Revenue fell 22 per cent to $491. 2 million.
The stock continued to be sold down and slid to a near six month low losing one cent, or 1.1 per cent, to 94 cents. It is now down 28 per cent from a record high of $1.30 it hit on Dec 31.
The counter has been traded heavily since its casino opened over the Chinese New Year holiday period, with 366 million shares changing hands on Friday following 369 million done on Thursday.
This is more than triple the average daily volume of 105 million shares of Genting traded over the past six months.
Analysts at Nomura Securities think the stock has further to fall as RWS has already announced the openings of its key attractions - the casino and theme park.
