Genting International released its FY08 results yesterday. The group reported a net loss of S$124.8m versus a net loss of S$381.5m in the previous year. Lower earnings were attributed to Genting’s UK casino operations which had been adversely affected by the weaker Pound against the Singapore dollar, as well as lower business volumes.
The company also added that the cost of building a casino in theme park in Singapore has increased to S$6.6bn from S$6bn and will have a significant impact on 2009 earnings. We expect the stock to face downward pressure going forward due to the absence of any near term positive catalysts.
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Friday, February 20, 2009
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