Genting Singapore's stock plummeted 8.70% in early trading on Wednesday, following the release of its first-quarter financial results which showed a sharp decline in profitability.

The company reported a 3% year-on-year drop in revenue to S$607.6 million for the quarter ended March 31. More significantly, its net profit after taxation plunged 55% to S$65.2 million, down from S$145 million in the same period last year.

The disappointing earnings report, released on Tuesday, has triggered a sell-off in the stock as investors react to the weaker-than-expected financial performance.