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Genting HK reports jump in net profit to US$2.1 billion

Genting HK has reported group profit at US$2.1 billion in 2015, compared with US$374.1 million in 2014, according to a recent filing to the Hong Kong Stock Exchange.

Revenue from cruise and cruise related activities increased 23 percent to US$652.8 million in 2015, up from US$530.7 million in 2014. Net revenue increased 18.1 percent to US$496.8 million, due to an increase in Capacity Days, brought by the Crystal Cruises fleet, and Net Yield, which was attributed to the additional of Crystal Cruises fleet.

Non-cruise activities decreased 7.4 percent to US$37.1 million in 2015, Genting said lower income from aviation, travel agent and the international marketing activities in relation to Manila operations were the main factors for the slight drop.

Group EBITDA was US$6.2 million in 2015, compared to US$48.9 million in 2014.

Genting HK, who owns 44.9 percent of Travellers International Hotel Group, owner and operator of Resorts World Manila, reported its share of profit from the Philippines group totalled US$33.9 million, compared with US$52.4 million in 2014, largely as a result of the decrease in gaming volume during 2015.

Travellers had recently reported a decline in net profit to P4 billion (US$86.4 million) in 2015, according to a submission to the Philippine Stock Exchange.

Genting HK also reported its share of profit from NCLH amounted to US$2.9 million in 2015, as a result of the reduction of the group’s equity interest in NCLH.

Genting HK says following the launch of Dream Cruises in Nov. 11, 2015, the group will focus on “delivering luxury holiday experiences to the expanding Asian, and specifically Chinese, premium market.”

Two new Dream vessels, Genting Dream and World Dream, will launch in 2016 and 2017 respectively.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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