Genting HK projects “major setback” from Covid-19

Genting Hong Kong, as part of its full year 2019, financial report, projected that the sectors it focuses on would suffer a “major setback” as a result of Covid-19.

“Hospitality, travel and tourism sector suffered a major setback resulting from widespread travel advisories, temporary closure of cruise ports and suspension of flights as part of the drastic measures implemented in many countries to curb the spread of the global pandemic. The Covid-19 outbreak has caused the group to cancel many sailings and suspend almost all of its cruise operations temporarily in the first quarter of 2020,” the company statement said.

They added, “With the rapid transmission of Covid-19, the group anticipates an operating loss in 2020, despite efforts and remedial measures taken to contain costs. The magnitude of the impact on the Group’s performance is difficult to quantify as the Covid-19 outbreak continues to spread globally.”

In its full year 2019 results, Genting HK noted that overall revenue reduced by 2.4 percent to US$1,561 million. The group’s consolidated net loss narrowed to about US$159 million in 2019.