Total revenue rose to $532.5m, up from $435.8m, with revenue from cruise and cruise-related activities up nearly 23%, to $417.2m from $384m. Capacity days shot up more than 39% thanks to a full six months' operations of Genting Dream and Crystal Mozart, introduced in late October 2016 and July 2016, respectively.
Occupancy was 75.7%, down from 82.2%. Net yield was $157.50, down from $185.60.
Revenue from non-cruise activities from external customers rose 18% to $61.3m, primarily due to shipyard activities.
Total operating expenses, excluding depreciation and amortization, increased more than 38% to $477.5m mainly due to the full six months’ operation of Genting Dream and Crystal Mozart, start-up costs for the new Crystal river vessels and AirCruises operations, and a full six months’ start-up and newbuild activities at MV Werften in preparation for constructing Star Cruises' Global-class ships and Crystal Yacht Cruises' Endeavor-class ships.
Selling, general and administrative expenses, excluding depreciation and amortization, rose 23% to $146.7m, mainly due to the full six months’ operation of Genting Dream and higher marketing costs at Crystal Cruises.
Net cruise cost per capacity day decreased 7.9%, mainly because of lower expenses in the existing Star Cruises fleet, partially offset by higher fuel expenses of $398 per metric ton, up from $283 in the first half of 2016.
Depreciation and amortization rose more than 49% to $86.1m, primarily due to the additional full six-month depreciation of Genting Dream and Crystal Mozart and German shipyards acquired in April 2016.
EBITDA was negative $91.7m compared with negative $28.1m in the first half of 2016. Cruise and cruise-related activities excluding Genting Dream and Crystal pre-operating costs for the new ships recorded a negative EBITDA of $18.3m.
The share of profit of Travellers totaled $2.2m, down from $19.1m, mainly due to closure of the gaming area and portions of non-gaming segment for most of June following the deadly robbery/arson incident at Resorts World Manila on June 2.
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