SINGAPORE (Aug 18): Genting Hong Kong sank deeper into the red with a net loss of US$203.2 million ($277 million) for the 1H17 ended June, compared to a loss of US$54.6 million in the same period a year ago.
Loss per share was 2.38 US cents, up from 0.63 US cents a year ago.
This came on the back of higher operating expenses and higher depreciation and amortisation.
Total operating expenses, excluding depreciation and amortisation, increased 38.5% to US$477.5 million mainly due to the full six months’ operation of cruise ships Genting Dream and Crystal Mozart, startup costs of new Crystal river ships and AirCruises operations, and full six months’ startup and newbuild activities of the shipyards in Germany to gear up for the Global Class and Endeavor Class ships in 2017 compared to two months' post-acquisition activities in 1H16.
Total depreciation and amortisation increased 49.3% to US$86.1 million, primarily due to the additional full six-month depreciation of Genting Dream and Crystal Mozart and shipyards in Germany acquired in April 2016.
Revenue for the period was US$532.5 million, up from US$435.8 million, on the back of an increase in revenue from cruise and cruise-related activities.
Still, the group has declared a dividend of 1 US cent.
Shares in Genting HK are trading at 26.5 US cents.
