Genting Hong Kong, parent company of Star Cruises, has issued a profit warning on one off, non operational matters.
Based on the preliminary assessment of the latest unaudited financial information, excluding the share of results of NCLH and Travellers, the Group is expected to record a net profit of not less than $235 million for the year ended 31 December 2014, as compared with a net profit, excluding share of results of NCLH and Travellers, of approximately $483 million for the year ended 31 December 2013, Genting Hong Kong said in a statement.
The reduction in gain arising from disposal of certain stakes in NCLH. Such gain in 2014, as disclosed in the Company’s 2014 interim report, amounted to approximately $153 million (2013: $452 million).
Further, the 2014 performance of the group was affected by the absence of gain on deemed disposal of certain stakes in NCLH and Travellers as a result of their initial public offerings, which were completed in 2013 (2013: $219 million).
The 2013 results included a one off gain of approximately $124 million arising from deemed disposal of certain stake in NCLH as a result of its issuance of certain new shares for NCLH’s acquisition of Prestige Cruises International, Inc., which was completed in 2014. Last year, it booked a fair value gain of approximately $18 million arising from the disposal of certain financial assets, while in2013 it had suffered and impairment and fair value losses of $94 million.
“Notwithstanding the foregoing, the Group expects its EBITDA for the year ended 31 December 2014 to remain stable as compared with 2013.” Genting said.
“The Board wishes to remind investors that the Company is still in the process of finalising its consolidated results for the year ended 31 December 2014 and the above net profit comparison did not take into account the Group’s share of results of NCLH and Travellers (both of which are associates of the Group) as both of them are listed companies on overseas stock exchanges,” Genting stated.
