Genting Hong Kong, parent company of Dream Cruise, Crystal Cruises and Star cruises, forecast that its losses for the first six months of this year will be narrower than in the same period last year.

The company is expected to record a consolidated operating loss (before finance costs) of not more than $280 million and a consolidated net loss of not more than $330 million for the six months ended 30 June 2021.

This compares to a consolidated operating loss (before finance costs) of $323 million and a consolidated net loss of $743 million for the corresponding period in 2020.

The anticipated decrease in the unaudited consolidated net loss of the Group is mainly attributable to the following:

 cruises resumption: Explorer Dream in Taiwan since July 2020 till early May 2021 and World Dream in Singapore since November 2020;

 continued efforts to control the headcount and burn rates for vessels in layup;

 reduction in depreciation expense due to lower carrying amount of the Group’s assets following

impairment losses recorded against these assets in 2020;

 reduction in finance costs from debt restructuring;

 share of profit of Travellers International Hotel Group, Inc., an associate of the Group, in the

amount of approximately US$25 million was recorded in 1H2021; and

 lower impairment losses in respect of the Group’s assets in 1H2021 as compared to the first

half of 2020.

“The information in this announcement is based only on the preliminary review of the unaudited consolidated management accounts of the Group for the six months ended 30 June 2021 and information currently available to the Company. Such information has not been reviewed by the independent auditors or the audit committee of the Company,” Genting Hong Kong said in a statement.