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Genting Hong Kong cuts first half loss as cruise revenue leaps

Genting Hong Kong, the parent company of Crystal Cruises, Dream Cruises and Star Cruises, has cut first half loss and reported a rise of more than a third in its cruise revenue.

Group net loss narrowed to $141.3 million from $203.2 million in the first six months of 2017, while revenues increased to $777.6 million from $532.5 million.

“Revenue from cruise and cruise-related activities increased 36.2% to $642.0 million in 1H2018 compared with $471.2 million in 1H2017,” the company said n a statement.

Net revenue increased 41.4% to$514.3 million by increases in capacity Ddys of 25.9% and net yield of 12.3%. The increase in capacity days was primarily due to the inclusion of World Dream and four Crystal River Cruises vessels in the review period.

Improvement in net yield was driven by higher occupancy ratio and increases in passenger ticket and onboard revenue, Genting Hong Kong said.

Revenue from shipyard operations and non-cruise activities from external customers increased 121.3% to $135.7 million in primarily contributed by revenue from shipyard activities in Germany and from the sales of residential property units in Mainland China. “However, lower cost capitalisation into shipbuilding costs as a result of a lower than expected production level in the six months ended 30 June 2018 has resulted in larger segmental loss from our shipyard operations,” the company said.

 

 

 

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