Genting HK expects net loss of $60 million in 16H1

Genting Hong Kong Ltd has announced it is expected to record a consolidated net loss “in the range of US$60 million to US$75 million” for the six months ended June 30, 2016.

The loss is in stark contrast to a consolidated net profit of $2.1 billion, which was seen in 15H1.

The results exclude the share of results of Travellers.

“Such expected decline in the consolidated net results of the Group is mainly attributable to: (i) the absence of a one-off accounting gain of US$1.6 billion recognised arising from the reclassification of the Group’s investment in Norwegian Cruise Line Holdings Ltd… one-time start-up and marketing costs for the launch of new Dream and Crystal cruise brands and products in 2016; and higher overall operating and selling, general and administrative expenses including depreciation and amortisation as a direct result of the integration of the Group’s recently acquired businesses,” said the company in a filing on Monday.