Error message

  • Notice: Trying to get property of non-object in template_preprocess_imageblock_content() (line 349 of /home/agbrief/agb/sites/all/modules/imageblock/imageblock.module).
  • Notice: Trying to get property of non-object in template_preprocess_imageblock_content() (line 349 of /home/agbrief/agb/sites/all/modules/imageblock/imageblock.module).

Genting HK reports surging cruise ship revenue

Genting Hong Kong reported a 39.1 percent gain in cruise ship related activities in 2016, but it swung to a loss on higher costs and as one-time gains last year weren’t repeated.

On an adjusted basis, excluding one-time items, the loss before taxation for 2016 was US$121.5 million, compared with a loss before taxation for 2015 of $87.8 million. The loss attributable to equity owners of the company was $502.3 million for 2016 compared with the profit attributable to equity owners of $2.1 billion the prior year.

Revenue from cruise and cruise-related activities was $908.1 million in 2016 compared with $652.8 million in 2015. Net revenue gained almost 39 percent to $689.7 million.

Total operating expenses, excluding depreciation and amortisation, increased 60.6 percent to $848.8 million, while selling, general and administrative were also up by 66 percent.

Cruise and cruise-related activities recorded a positive EBITDA of  $62.8 million in 2016, compared to US$43.4 million (excluding Dream and Crystal pre-operating costs for the new ships) in 2015.

The company made a $658.8 million gain on the disposal of a stake in Norwegian Cruise Line Holdings in 2015, which boosted the bottom line. It also made a one-off accounting gain of $1.56 billion due to the reclassification of Norwegian Cruise Lines from an associate to available-for-sale investment.

More news from this jurisdiction

Mainland China, Hong KongTuesday, Dec 05, 2017

Chinese police have arrested 71 suspects involved with cross-border online gambling operations across Guangdong and Hong Kong.

Hong KongFriday, Nov 17, 2017

Casino cruise operator Genting Hong Kong has announced the sale of 10 million shares in Norwegian Cruise Line Holdings for an aggregate amount of US$270.1 million.

Hong KongThursday, Nov 16, 2017

Genting Hong Kong has requested a halt in the trading of its shares on the HKEx pending an announcement relating to the disposal of Norwegian Cruise Line shares.

Hong KongFriday, Oct 27, 2017

The Hong Kong Football Association (HKFA) has demonstrated its on-going commitment to integrity by hosting a week-long integrity programme for players and officials across the territory.

Hong KongMonday, Oct 23, 2017

MGM is proud to have won one Gold and two Bronze Awards at the HR Innovation Awards 2017 organized by the Human Resources magazine.

Hong KongMonday, Oct 09, 2017

Melco International Development plans to give Hong Kong’s Jumbo Floating Restaurant in Aberdeen Harbour a facelift, local media reports.

Hong KongMonday, Sep 18, 2017

Genting Hong Kong announced the appointment of Tom Wolber as the president and CEO of Crystal Cruises on Friday, succeeding Edie Rodriguez.