Genting Hong Kong, a subsidiary of Malaysian conglomerate Genting Bhd, told the Hong Kong Stock Exchange on Monday that the company's performance was mainly attributed to the improvement of its cruise business.
For the six months to June 30, group overall revenue was $777.6 million, up 46% year over year. Cruise and cruise-related activity revenue was $642 million in the first half of 2018, up 36.2% year over year.
Genting Hong Kong has been accelerating plans to expand its cruise business and has developed a portfolio of cruise lines of three brands serving different parts of the market: Crystal Cruise, meaning the ultra-luxury segment, Dream Cruise, meaning the premium segment, and Star Cruise, which defines the "contemporary" segment.
In a filing on Monday, the company said the improved revenue was driven by more cruise ships operating during the reporting period and higher passenger boarding and onboard revenue. The increase in cruise operations also led to higher costs, with total operating expenses excluding depreciation and amortization rising 35.6% year-over-year to $647.4 million.
Genting Hong Kong reported adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of $63 million in the first half of 2018, compared with negative $18.3 million a year earlier.
However, the improvement in Adjusted EBITDA due to cruise and cruise-related activities "was partially offset by lower-cost capitalisation on shipyard costs in the first half of 2018 due to lower-than-expected production levels at the shipyard," the company said.
Genting Hong Kong is preparing to lay the keel of its 20,000-ton crystal Endeavour next month, and will be the first of its 204,000-ton global class vessels in September. Both events will speed up cost capital and production, it said in a filing on Monday.
Genting Hong Kong said its profit share for Travelers International Hotel Group Inc, a joint venture with local conglomerate Alliance Global Group, totaled $15.2 million in the first half of 2018, compared with $2.5 million a year earlier. This was due to higher perceived non-operating profits in the six months to June 30, the Hong Kong-listed firm said.
Genting Hong Kong announced a median dividend of $0.01 per share, a total dividend of $84.8 million, due on September 27.
BY: 파워볼사이트 추천
