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Genting expects net profit "not less than" $2 billion for 2015

Genting Hong Kong Limited has announced it's expecting to record a net profit of not less than US$2 billion for the year ended Dec. 31, 2015, largely as a result of one-time items, but warned operating results will deteriorate due to tough conditions in Asia's gaming industry, according to a recent filing with the Hong Kong Stock Exchange.

The company posted profit of about US$331.7 million for the year ended Dec. 31, 2014.

Genting has attributed the increase in net profit on a number of factors, including gains of arising from disposals of stakes in Norwegian Cruise Line Holdings Ltd, a one-off gain upon completion of a secondary offering of NCLH’s ordinary shares, a one-off gain from NCLH which issued new shares for its acquisition of Prestige Cruises International, Inc.

However, despite an improvement in the performance of the group’s cruise business, the group expects a deterioration of operating results for 2015, due to challenging market conditions in the regional gaming industry.

The final audited consolidated results of the group for 2015 are expected to be announced in Mar. 2016.

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