Singapore – It has been announced today by a Singapore casino resort developer; Genting Singapore, that it will no longer be releasing quarterly financial results.
The move comes just a short period after amendments to listing rules were announced to the Singapore Exchange.
The firm has stated that it had:
“Decided not to continue with quarterly reporting and will instead release the financial statements of the Company and the Group on a half-yearly basis. Accordingly, the Company shall cease quarterly reporting with immediate effect, and its next financial results announcement shall be in respect of the half-year ending 30 June 2020.”
Genting Singapore continued to expand on the details and releases going forward:
“The board believes that a half-yearly financial reporting cycle and the provision of voluntary quarterly business updates, together with the observation of strengthened disclosure requirements, is sufficient to keep the shareholders informed of the Group’s state of affairs.”
According to reports, the company reported a decline in total revenue of almost ten percent.
Singapore as a nation also made headlines within the past 24 hours as businesses struggle with the negative effects and impact of the coronavirus.
Market analyst Margaret Yang commented on the state of affairs in Singapore:
“The market is in such a panic that investors are dumping everything. All they want now is cash. All these headwinds are coming at the same time so the banks are suffering from profit-taking activities. Right now, investors are only looking at the negative news and they just want to take their money off the table. So I don’t think the market will bounce back quickly in the weeks to come.”
Genting Singapore became the first operator of an integrated resort in Singapore when Resorts World Sentosa opened in January 2010. Resorts World Sentosa is an integrated resort on the island of Sentosa, off the southern coast of Singapore.