SINGAPORE (Mar 17): Integrated resort and casino operator Genting Singapore has warned that the group expects its financial results to be “significantly and adversely impacted” by the coronavirus outbreak.
In a profit guidance note on Tuesday, the group says its results for 1QFY2020 ending March 31 and 1HFY2020 ending June 30 are expected to be lower than the corresponding periods last year.
The group reports that Resorts World Sentosa has experienced a significant decrease in visitor attendance and revenue across all its facilities.
Last month, the group had announced that it was “generally pessimistic” about the outlook for the first half of 2020.
To help control costs during this challenging period, the group has slashed the base salaries for all managerial staff by between 9% and 18%.
Meanwhile, executive directors will get their pay cut by 18% across the board, while non-executive directors will see a 15% reduction in their fees for 1QFY2020.
Genting Singapore says it has also encouraged its employees to take no-pay leave.
In addition, the group is attempting to streamline its workflow and strengthen its productivity drive.
Shares in Genting Singapore closed 2 cents lower, or down 3.1%, at 62 cents on Tuesday.
Year-to-date, the counter has fallen 32.6%.
