Genting HK warns profit to plunge

    Genting Hong Kong has warned that it’s profit for 2014 is likely to be less than half of that recorded the previous year as one time gains aren’t repeated, but said EBITDA, which reflects ongoing income, will be stable.
    Genting said its profit is likely to be not less than $235 million, compared with $483 million the previous year. The results don’t include the group’s share of the results of Norwegian Cruise Line Holdings and Travellers International Group.
    Last year, the company benefited from a $153 million gain from the sale of a stake in NCLH, as well as about $124 million from the deemed disposal of a stake in NCLH as a result of its issuance of certain new shares for NCLH’s acquisition of Prestige Cruises International, Inc., which was completed in 2014.
    It also had a fair value gain of approximately $182 million arising from the disposal of certain financial assets and a gain of approximately US$14 million arising from the recovery of a loan receivable from a third party.