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One off items to narrow Genting Hong Kong loss to $240 million to $270 million in 2017

Genting Hong Kong, the listed company that owns Crystal Cruises, Dream Cruise and Star Cruises, will report a much reduced for 2017 than the previous year due to one off items, the company said in a statement.

The group expects to record a consolidated net loss in the range of $240 million to $270 million for the year ended 31 December 2017, as compared to a consolidated net loss of US$537 million, excluding the share of results of Travellers, for the year ended 31 December 2016, Genting Hong Kong said in a statement.

The reduction in the forecast loss is mainly attributable to a one-off gain of $205 million in respect of the sale of Norwegian Cruise Line Holdings Ltd.’s shares and The Star Entertainment Group Limited’s shares and the absence of an impairment on NCLH shares of $305 million in 2016.

However, start-up losses in the Dream Cruises brand for World Dream arrived in Hong Kong and the re-positioning of Genting Dream to Singapore in November 2017, Crystal Cruises brand extensions in river cruises and the launch of AirCruises all weighed on the accounts.

 

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