Genting Hong Kong, the listed parent company of Dream Cruise, Star Cruise and Crystal Cruises plus Mv Werften, doubled its EBITDA n 2019 on stronger net yields and occupancy ratios, the company said in a statement.
Cruise EBITDA rose to $189.8 million in 2019 from $152.4 million in 2018 as net yield per passenger and day rose to $202.4 from $189.0. This was the main driver behind the improvement.
Net cruise costs, including fuel, rose to $166.9 from $162.1
“Overall occupancy grew by 1.9% to 93.3% in 2019 from 91.4% in 2018 with improvements in Gross Yield and Net Yield at 8.8% and 7.1% respectively,” Genting Hong Kong said
Shipyard EBITDA posted a lower loss of $23.3 million in 2019 compared to US$59.6 million in 2018 as a result of higher utilisation of the shipyard.
The group’s cruise segment recorded a 3% increase in revenue to $1,384 million despite a reduction in capacity day of 6%. Occupancy grew by 2% to 93% in 2019 from 91% in 2018 with improvements in both Gross Yield and Net Yield at 9% and 7% respectively.
Construction of Crystal Endeavor and Global Dream achieved 68% and 51% progressive completion respectively as at the end of 2019.
Group EBITDA was $142.5 million, doubled that of $72.3 million in 2018, mainly driven by a combination of improved cruise revenues and higher utilisation of the shipyard.
Group operating loss reduced by 32% to $96.2 million with cruise segment at breakeven. Net loss was 26% lower compared to 2018 at US$158.6 million, the company said.