Genting HK half year net profit “not less” than $2.1 bn

Genting Hong Kong announced that the group is expected to record a year-on-year net profit of “not less” than $2.1 billion for the half year ended 30 June 2015.

The figure compares to a net profit of $142.2 million for the half year ended 30 June 2014 and excludes the share of results of Genting’s subsidiaries Norwegian Cruise Line Holdings and Travellers International Hotel Group.

The large increase in profit for this year is mainly attributable a total gain of US$599.6 million from the disposal of stakes in NCLH and a one-off accounting gain of $1.56 billion recognized upon completion of a secondary offering of NCLH’s ordinary shares. The group’s interest in NCLH decreased from approximately 22 percent to 17.7 percent.

The group also expects its year-on-year EBITDA for the six months to increase because of the contribution from Crystal Cruises and “an improvement in the Group’s underlying cruise business despite a softer overall gaming performance arising from weakness in the regional gaming industry.”

Genting Hong Kong announced in March a deal to acquire Crystal Cruises and its subsidiaries for $550 million.