Genting HK earns $47 mln from Norwegian Cruise Lines in H1

Genting Hong Kong, which owns 28 percent of Norwegian Cruise Line Holdings, said its share of the profit from the cruise ship operator amounted to about $47 million in the first half of this year taking its consolidated net profit to $210 million.

The company said the figures are preliminary in a Hong Kong Stock Exchange filing, updating a note from Sunday in which it said it expected profit to be about $180 million, up from $23 million a year ago.

The jump in profit is mostly attributable to the March sale of some of its Norwegian Cruise Lines stake, which resulted in a gain of $153 million, as well as $15 million from the reevaluation of some assets.

For Q2 Norwegian Cruise Lines had adjusted EPS of $0.58, on adjusted net income of $121.1 million, compared to $0.29 for the same period in 2013.

On a GAAP basis, diluted earnings per share and net income were $0.54 and $111.6 million, respectively.

Net revenue increased 23.6 percent to $595.7 million driven by a 19.6 percent increase in capacity days from the addition of the Norwegian Getaway and Norwegian Breakaway to the fleet and a 3.3 percent improvement in net yield.

The company sees full-year EPS of $2.20 to $2.35

 

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