Genting Singapore shares dip amid profit warning

Shares of Genting Singapore dropped 8.3 percent—its lowest in six years—after the casino operator warned of a “significant” fall on its second quarter results.

Genting dipped 8.3 percent to 82.5 Singapore cents on Thursday, the company’s lowest close since 2009. Bloomberg reported some 61.4 million shares changed hands, placing Genting among the day’s most actively traded counters. Still, the company was the worst performer for benchmark Straits Times Index.

The company, which operates Resorts World Sentosa, said Tuesday that it expects a substantial decline in net profits for the second quarter of the year. Genting is expected to release its earnings report on Aug. 13.

In a statement to the Singapore Stock Exchange, Genting attributed the expected profit slump to “fair value loss on derivative financial instruments as a result of unfavorable market conditions and unrealized foreign exchange translation losses.”