Seatrade Cruise News is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Genting Hong Kong warns of first half loss

Genting Hong Kong warns of first half loss
Genting Hong Kong has warned investors of a projected first half loss of $60-75m, as against the profit of $2.1bn in the same period of 2015.

Hong Kong-listed Genting said the expected loss is attributed to an absence of a one-off accounting gain of $1.57bn arising from the reclassification of the group’s investment in Norwegian Cruise Line Holdings (NCLH) in May 2015, and a gain of $599.6m arising from the disposals of certain stakes in NCLH in the first six months.

The loss was also due to one-time start-up and marketing costs for the launch of new Dream and Crystal cruise brands and products in 2016, and higher overall operating expenses as a result of the integration of the group’s recently acquired businesses.

Genting pointed out that the preliminary assessment of its latest unaudited financial results excluded the share of results of Travellers International Hotel Group, Inc, a joint venture between the group and Alliance Global Group, Inc.