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Genting Hong Kong signals narrowed first half loss

World Dream's resumption of cruises in Singapore since November 2020 is among factors that helped the company's financial picture
Genting Hong Kong expects to record a reduced consolidating operating loss, before finance costs, of not more than US$280m and a lower consolidated net loss of not more than $330m for the six months ended June 30.

This is based on a preliminary review and compares to the consolidated operating loss, before finance costs, of $323m and the consolidated net loss of $743m for first half 2020.

Cruise resumption

The narrowed net loss is due to numerous factors including the resumption of cruises by Explorer Dream in Taiwan from July 2020 until early May 2021 and by World Dream in Singapore since November 2020.

Other contributing factors

Other factors include continued efforts to control the headcount and burn rates for vessels in layup plus reduced depreciation expense due to the lower carrying amount of assets following impairment losses recorded against these assets in 2020. As well, finance costs were reduced in debt restructuring

In addition, the group recorded a share of profit for affiliate Travellers International Hotel Group of approximately $25m in the first half.

And Genting HK had lower impairment losses for assets compared to first half 2020.

This preliminary information, detailed in a filing, awaits review by Genting HK's independent auditors and the company's audit committee.

Results expected by end August

First-half results are expected to be released before the end of August.

Genting HK underwent a $2.6n restructuring this year. 

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