Genting HK H1 profit surges on cruise ship stake sale, EBITDA dips

    Genting Hong Kong said its first-half profit soared 840 percent, helped by the sale of a stake in its Norwegian Cruise Line business in March, though EBITDA declined.
    The group had a profit of $216.7 million, up from $23.1 million a year ago. The stake sale generated a gain of $152.6 million.
    EBITDA fell to $20.2 million compared with $23.9 million in 1H2013, while revenue climbed 9.7 percent to $281.6 million.
    Gaming revenue increased 13.7 percent to $167.0 million as a result of a stronger overall luck factor. Onboard and other revenues grew 5.7 percent to $32.7 million primarily driven by higher onboard retail sales.
    Passenger ticket revenue decreased 6.5 percent to $68.3 million mainly due to m.v. SuperStar Virgo’s drydock and its relocation to Hong Kong.
    From November 2014, m.v. SuperStar Virgo and m.v. SuperStar Gemini will continue their homeport deployment in Hong Kong and Singapore, respectively. M.v. SuperStar Gemini will be offering various itineraries cruising to destinations including Penang, Langkawi, Port Klang and Malacca while m.v. SuperStar Virgo will focus on offering over-night cruises to the high seas from its homeport.
    M.v. SuperStar Aquarius will commence its seasonal homeport deployment for the 2014/15 winter season, returning to Kota Kinabalu, the capital of Sabah, Malaysia.
    Genting said its share of the profit from its Travellers International Hotel Group unit was $27.8 million, compared with $26.6 million a year earlier, primarily due to an improvement in operating expenses on cost management initiatives. Travellers is developing the Resorts World Manila integrated resort in the Philippines.
    Its share of profit from Norwegian Cruise Lines was $46.9 million compared with a loss of $44.0 million a year ago.